Laos government treasury expects to collect $194 million from miners in 2022

Lawmakers plan to use additional revenues, primarily the repayment of the national debt and the response to the Covid-19 epidemic.

The pilot project aims to government Laos To explore cryptocurrency mining, and deal with them.

It is expected to collect 194 Million dollars for national revenue per year 2022. According to the report of the Malaysian news platform The Star Issued in November, the Government of Laos It aims to collect returns from six mining companies, after the Chinese ban on cryptocurrencies.

The net amount of that yield is approx 2 trillion Cape (The kip is the national currency of Laos) Equivalent 194 Million dollar.

Companies approved by lawmakers in Laos

Legislators of the Pioneer Mining Program formally approved the following companies in September:

a company laos data technology Wap Data Technology Laos, a company Phongsubthavy Spa To construct bridges and roads, company I will be silent Sisaket Construction Company Limited، ا Boupha To survey and design bridges and roads, the Joint Development Bank, Inc. Phousy.

Government reports say that these funds will be included in the draft budget of the National Council in the next year 2022 an increase of 20%, according to the legislators' plan to use the income of "Priority Programs“.

Those priorities include repaying the national debt and confronting the epidemic.

Although the government Laos Granted permission to six companies to mine cryptocurrency, the Bank Laos The Central Bank has warned more than once in the past years against dealing with cryptocurrencies, advising residents to be aware of the risks related to “uncontrolled” crypto assets.

It is noteworthy that cryptocurrencies are still not legally allowed in the country, although the Bank of Laos PDR It is looking into developing a partnership in digital currencies with the Central Bank, and this was confirmed by the financial technology company Soramitsu.