Laos Central Bank Spreads Warning Risks Regarding Buying, Selling and Use of Cryptocurrencies
South East Asian countries have generally done well to regulate crypto creating one of the most friendly crypto geographical regions in the world. However, doesn’t seem to be following their neighboring countries.
The Bank of the Lao PDR, which is the central bank of Laos, has warned commercial banks, businesses, and members of the public not to buy, sell or use cryptocurrency for money transactions as this practice is illegal.
They did so after they learned that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the central bank has banned the use of these currencies.
Some groups are advertising the purchase, sale, and use of cryptocurrencies for money transactions through commercial banks, enticed by claims that this will generate income in some way – a claim that the authorities say is untrue.
This warning is similar to the crypto ban in India issued by their central regulators, the RBI. On March 29th, the Supreme Court of India was supposed to pass judgment on crypto. This was after a long string of delays and reevaluation.
However, like the previous hearing dates even this was a disappointment with the Supreme Court shutting down the trial in less than 2 minutes. Now the hearing date is postponed to July 2019 essentially giving the burden to the next elected government.
Notably, in October of 2018, published a notice cautioning the public against cryptocurrency trading and their usage in payments. They said the public is warned against the use of “unregulated” cryptocurrencies.
Addressed to merchants, traders and residents, the notice also urged citizens to research and understand any digital assets. The notice warned against the purchase and sale, or trading of digital assets, talking up the risks in crypto-related investments.