Bitcoin price surpassed $46,000 despite another region of China repeating the old crypto mining and trading ban, as AZCoin News reported. However, the good news is Laos authorizes six companies for a cryptocurrency trial program.
Laos authorizes a crypto trial program
According to a notice issued by the Prime Minister’s Office, the Lao government allows ministries to draft regulations governing the use of crypto. And six companies have been allowed to experiment with mining and trading cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
The companies that have been given the green light include Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction Co., Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey Co., Ltd., Joint Development Bank, and Phousy Group. A host of ministries led by the Ministry of Technology and Communications, in coordination with the Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, and the Ministry of Public Security, will work with the Bank of Laos and Electricite du Laos to research and decide upon rules and regulations governing the use of cryptocurrencies in Laos.
The results of the research and consultation among ministries and related organizations will be discussed at the upcoming Prime Minister and Deputy Prime Minister’s Meeting from 16 to 17 September.
Meanwhile, last month, the Bank of Laos (BOL) issued a notice warning the public about the unregulated use of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, which they claim is unrelated to actual monetary reserves.
Despite the authorities’ warnings, many people continue to transact in digital currency and see this pilot program as the path to complete authorization.
Many times before, when China announced a crackdown on BTC mining and trading, the price dropped almost immediately for the main cryptocurrency and the rest of the market. BTC just hit an all-time high at $65,000 in mid-April when China’s initial ban was introduced. A month later, the asset has dropped below $30,000.
Now, however, the situation seems different. The news about Hebei and Laos today did not affect BTC much. Bitcoin had recovered from yesterday’s mid-day enhanced volatility and traded at nearly $46,000. In the past few hours, it initiated a leg up that resulted in breaking above this level and tapping $46,500. As of now, BTC has retraced by a few hundred dollars but still stands above $46,000.
BTC/USD 4-hour chart | Source: TradingView
These developments could be regarded as signs of maturation since BTC has refused to be impacted by the never-stopping government crackdown or support.
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- Many Crypto Companies Face Million-Dollar Fines Over An Alleged Illegal Securities Offering