Welcome to Crypto Land!
Just when you thought the world of cryptocurrency couldn’t get any more interesting, Laos decided to jump on the bandwagon like a toddler at a candy store. The Lao government has inked a pilot project that aims to rake in a whopping $194 million (or as they’d say, approximately 2 trillion kip) into the national coffers. This endeavor involves six firms willing to disturb the digital dust in the hopes of hitting the jackpot.
The Companies in the Spotlight
Now, who are the brave souls venturing into this volatile landscape? You’ve got Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey, Joint Development Bank, and the Phousy Group. Sounds like quite the party, doesn’t it? These firms were handpicked back in September, and they’re literally betting on blockchain.
Boosting the National Revenue
This cryptocurrency initiative is no joke! The Lao government’s expectation is that this pilot project will bolster the National Assembly’s budget for 2022 by an impressive 20% compared to the previous year. Talk about a glow-up! The additional funds are earmarked for vital programs aimed at alleviating national debt and addressing the ongoing pandemic’s ripple effects.
Warning: Risk Ahead!
But wait, not so fast! While all this sounds like a fairy tale with a happy ending, the Bank of the Lao P.D.R. has been handing out warnings like candy on Halloween regarding the risks tied to unregulated cryptocurrencies. It seems that while the government is setting sail into the crypto sea, the central bank is still keeping a lifeboat ready, reminding folks to tread lightly because unregulated crypto assets are largely illegal in Laos.
The Future: Digital Currency?
In the midst of this cryptocurrency adventure, there’s chatter about the Bank of the Lao P.D.R. possibly collaborating with a Japanese firm called Soramitsu to develop a central bank digital currency. Could this be the cautious approach to navigating the wild world of cryptocurrencies? Only time will tell. Fingers crossed for a smooth sail!
