The Bank of Laos has issued a warning to the public on the use of cryptocurrency.

[ASEAN NOW]

 

The Bank of Laos (BOL) has published a public notice advising against the use of unregulated cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, which are not linked to genuine currency reserves.

 

While authorities have already issued a warning to the public about the use of Cryptocurrencies in 2018, many people continue to deal in digital currencies, according to the notice.

 

Citizens of Laos are forbidden by law from buying or selling cryptocurrencies, according to the notification, and consumers should think about the risks before investing in or buying such items.

 

Cryptocurrencies are not genuine money, according to the document, and should not be used to pay off debts. According to the notification, this is because cryptocurrencies do not meet the conditions for use as money and are currently unregulated in Laos.

 

Despite the prior warning, certain Lao businesses continue to accept cryptocurrency as payment for goods and services, as well as promote cryptocurrency investing and trade.

 

Authorities have warned Lao citizens against using or trading cryptocurrencies, citing the major hazards associated with them, including as their possible use in money laundering and terrorism financing.

 

The general public has also been warned that the currency is volatile and could be used to fund unlawful activities.