The Central Bank of Laos has warned citizens about the dangers of cryptocurrencies

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The Central Bank of Laos has warned citizens about the dangers of cryptocurrencies

The Central Bank of Laos issued a document which warned the public against trading “unregulated cryptocurrency” and use bitcoin, Ethereum and litecoin as a means of payment. Turning to the merchants, traders and citizens, the Bank encouraged them to learn digital assets and associated it investments.

As writes the edition Laotian Times, the Central Bank pointed out that the existing law on payment systems (which was last revised in November 2017) denies the cryptocurrency the right to be payment instruments. According to experts of the Bank, they do not meet the requirements for such categories as the currency.

The current Lao legislation does not provide for the existence of digital currencies and in any way does not regulate them. However, the Lao businessmen “have already started to accept payment for products and services cryptocurrency”.

Senior officer, controller tried to draw a distinction between cryptocurrencies and Fiat in an interview with Vientiane Times:

It’s not a real currency, the Lao Kip, or Thai baht because that currency is impossible to pay debts. This is a digital transaction record. It is still not regulated by law. The people involved in cryptocurrency are at risk if the digital system will fail.

Despite a public appeal, designed to warn citizens of Laos about the risks of cryptocurrency investment, the question of a ban on the cryptocurrency trade is not.

A neighbor of Laos from North Vietnam, recently took a more assertive stance in the issue of regulation of digital assets. In October 2017, the Central Bank of Vietnam has issued a decree that effectively ended cryptocurrency payments in the country. The law entered into force at the turn of 2018, after which fans of bitcoin began to threaten fines of $9000 and criminal prosecution. Vietnam also stopped the import of cryptocurrency miners in the country.

Laos would be worth to pay attention to an example of another neighbour — Thailand. Recognizing the potential of crypto-currency markets and the ICO, the regulators of the securities of this country in July published a set of rules and approved the payments in seven currencies. This is bitcoin, Ethereum, Ripple, Bitcoin, Cash, Classic, Ethereum, Stellar and litecoin.

Thailand’s largest cinema chain starts accepting cryptocurrency payments for tickets and popcorn in 600 institutions, while financial companies jointly started in Bangkok a crypto currency exchange.

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