The Lao government budget is expected to receive US$194 million from crypto miners by 2022

The Lao government’s pilot project to explore cryptocurrency mining and trading is expected to bring about US$194 million in revenue to the country’s total domestic revenue in 2022.

According to a report by Malaysian news media The Star on November 2, the Lao government’s recent attempt to use China’s crypto mining crackdown may be Netting The six companies in the country have revenues of 2 trillion kip-approximately $194 million at the time of publication.Company officials in public-private mining pilot projects Officially recognized September includes Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey, United Development Bank and Phousy Group.

According to reports, the government has stated that these funds will increase the expected revenue of the 2022 National Assembly’s draft budget by 20% over 2021. Legislators plan to use the extra income for “priority projects”, including repaying national debt and responding to the pandemic.

related: Finding a new home: Bitcoin miners settle down after exodus from China

Although the Lao government has granted permits to six companies to mine cryptocurrencies, the country’s central bank has Warn more than once For many years, advise residents on the risks associated with unregulated crypto assets, which are still largely illegal in Laos.However, according to reports, the Bank of the Lao People’s Democratic Republic is investigating The development of central bank digital currency Cooperated with Soramitsu, a Japanese distributed ledger technology company.