The Lao central bank has warned the public not to use, buy or sell digital currencies, according to news reports from the local Vientiane Times news agency on May 21.
Bank issued a warning
Lao PDR Bank has issued warnings to financial market and public participants on crypto currency transactions because they are considered illegal in the country. The bank had previously banned financial institutions from carrying out any operations with digital currencies, as well as investing in such assets
The bank is concerned about the anonymity of senders and recipients in crypto currency transactions, which are feared to increase the risk of using digital assets in money laundering. A source familiar with the matter told the Vientiane Times that the authorities did not have a relevant security system to protect digital currency owners.
While some countries such as Canada, Malta and Switzerland have embraced new asset classes to various levels, there are some officials around the world who still show skepticism about crypto, while some hardliners are calling for an immediate ban.
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