Laos Central Bank Warns Against Cryptocurrency Use

Asia Blockchain Review
June 6, 2019

The central bank of Laos, the Bank of the Lao People’s Democratic Republic, has issued another circular, warning the public against engaging in any form of crypto transactions.

In its recent communication, the central bank warned private citizens as well as businesses and commercial banks against executing any orders dealing in crypto, according to local news outlet Vientiane Times.

For commercial banks in the country, Bank of the Lao PDR urged them to strictly adhere to the previous circular issued in October 2018 which explicitly warns against the use of cryptocurrencies in the country. In the latest publication, it called for an outright ban on buying, selling, and the use of crypto as an investment vehicle.

The central bank’s recent notification was prompted by the discovery of adverts making the rounds on social media for crypto services via commercial banks, despite the latter receiving directives to refrain from doing so.

The central bank is reportedly concerned about the anonymous nature of cryptocurrency, which could facilitate money laundering. A source close to the Bank of the Lao PDR told Vientiane Times that authorities lack the security means to protect token owners.

These hard limitations are nothing new In the crypto community. While some countries like  Switzerland are embracing Bitcoin and other cryptocurrencies, others like China and India have taken a more hostile stance and banned it altogether.

According to a Cointelegraph report last month, the Indian government was planning to enact a complete ban on cryptocurrencies. The Ministry of Corporate Affairs stated that this move would prevent people from using crypto for money-laundering purposes.

Source: cointelegraph.com


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