Legalization. In Ukraine and now Laos

DarkDays

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Quote from: avikz on September 16, 2021, 09:52:25 AM

Laos is a small country and not really fit for hosting big manufacturing hubs. So the government is trying to play smart by utilizing their cheap electric resources to bitcoin mining and earn tax revenue from it. Completely makes sense!

That's a good strategy both politically and economically, taking the home-advantage of a resource that opens your country to an entirely new market. Now it is only a matter of passing these governmental regulations and enabling people who have access to the hardware to mine.
While 7.2M people as the size of Laos is not enough to crack down on mining bans, it still is a start.

virasog

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Quote from: Sanitough on October 07, 2021, 06:51:56 AM

Thanks for sharing the list of global Electricity prices.

I live in the Philippines and I can't believe that our electricity is very high despite our country is not a developing county.
I actually start mining but my business is just a small-time, so it didn't push through.
With the prices I saw, I think I like to live in a country where electricity is cheap and start a mining business.

Ukraine and Laos electricity rate is still considered as low, it's good for business but of course, the government has to support it too.

How can you think of mining if the cost of electricity is high in your country ? The mining will not be profitable in this case and you will only waste your money and resources on mining. Also its not practical for anyone to leave the country and settle in a country where the mining conditions are favorable.
One has to think on other ways on how to collect bitcoins and one good way is by trading.

Rufsilf

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Quote from: hd49728 on September 16, 2021, 09:32:58 AM

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

Wether this is true or not, it's still a good news for the bitcoin or any cryptocurrencies around today. Eventually, more and more countries and governments will start to welcome and legalize cryptocurrencies especially bitcoin because it's the most trusted and famous among other coins.

Soon, the neighboring countries not just in South East Asia but most of the Asian countries will start to legalize and accepts transactions in the form of bitcoins or its digital currency. Few years from now, I know that bitcoin will shine brighter than ever before.

v3liana

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Countries that are early adopters stand to profit more compared to laggards. I expect another Laos type move by some country in a few months and it will make a big impact for cryptocurrency and it can make the market more bullish than now.

zanezane

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Quote from: Wildwest on October 07, 2021, 06:25:39 AM

If this news is true then this is an Asian country with a small popularity but the development of the crypto world is relied on and I think other Asian countries should follow it, let alone the development of the crypto world is increasingly visible then this is an opportunity to increase the income of the country, let alone the country of Laos has a cheap electricity burden then if used for bitcoin mining is a very appropriate idea, If they can make good rules then the benefits obtained will definitely be tempting to other countries.

Easy to say, the only problem is that most Asian countries have a hard time adjusting to new technology especially those on the third world side of Asia, they have corrupt governments if not incompetent and they lack the money to adopt the changes.

GubiMixa1292

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I really acknowledge that This is a wise move by Laos as their position is definitely one of the richest in hydroelectric resources in Asia so it's really ideal for profitable bitcoin mining and sustainable. And it's smart to be able to use abundant resources to mine BTC and this energy has no impact on the environment, it seems Laos has legalized and accepted cryptocurrencies is legal , unlike in my country legally accepted cryptocurrency is still very vague.

Sanitough

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Thanks for sharing the list of global Electricity prices.

I live in the Philippines and I can't believe that our electricity is very high despite our country is not a developing county.
I actually start mining but my business is just a small-time, so it didn't push through.
With the prices I saw, I think I like to live in a country where electricity is cheap and start a mining business.

Ukraine and Laos electricity rate is still considered as low, it's good for business but of course, the government has to support it too.

Ozero

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Quote from: turneps on October 06, 2021, 10:30:37 AM

Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

Unfortunately, this information is already inaccurate in relation to Ukraine. The draft law on virtual assets adopted by the Ukrainian parliament has not yet become law. It was not signed and vetoed by the president of this country. It is not yet known for what reasons. Therefore, Ukraine still remains in a gray zone and has not yet legalized cryptocurrency. However, this will happen anyway soon.

Wildwest

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If this news is true then this is an Asian country with a small popularity but the development of the crypto world is relied on and I think other Asian countries should follow it, let alone the development of the crypto world is increasingly visible then this is an opportunity to increase the income of the country, let alone the country of Laos has a cheap electricity burden then if used for bitcoin mining is a very appropriate idea, If they can make good rules then the benefits obtained will definitely be tempting to other countries.

Cryptmuster

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Quote from: turneps on October 06, 2021, 10:30:37 AM

Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

Ukraine is more loyal to cryptocurrencies in comparison with many countries of the world, but this loyalty is not confirmed by laws, they are constantly being sent for revision and nothing significant has happened so far. But of course I am glad that Ukraine is moving in the right direction, this may give a certain advantage in the future, when this country will be one of the first to have a legislative framework for cryptocurrencies.

worle1bm

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Quote from: DeathAngel on September 16, 2021, 10:27:00 AM

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

The bitcoin future is secured with nations, companies accepting it and even indulging themselves into bitcoin mining.The highlight part is profit associated with it and in 20 years the prices will be too high compared with the current.So everyone wants to have it with them and in coming years we will see more growth.So yes being patient is fine for long term also.

bitterguy28

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Quote from: hd49728 on September 16, 2021, 09:32:58 AM

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

I thought the word legalization is like what El salvador does, i don't know but that's how i imagine each time i read legalization term in Bitcoin lol.

But since Laos has cheaper energy then they are qualified in this adoption of Mining and trading.
maybe if they find this beneficial they will adopt as currency also .

also hoping that they will open their door not only in Mining and trading bitcoin but also to some altcoin that has potential .

turneps

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Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

deathcode

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Quote from: TelolettOm on September 27, 2021, 05:36:28 PM

Quote from: Chrystora123 on September 27, 2021, 05:01:29 PM

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable. Hopefully, after this Laos will make bitcoin a legal tender there..

every legalization of Bitcoin will give positive effects on the country. Moreover, if it is about mining Bitcoin. We know that currently, China ban all crypto activities moreover mining. So, we can see other changes in other countries. Although Ukraine and Laos are not as big as China, at least their statement will be helpful enough.
But so far, it still doesn't give a big impact. Moreover, the legalization in that country is like others, not like El Salvador.

more and more countries are aware of crypto and bitcoin. it will certainly help the crypto market gain more trust from the users.
This will trigger the adoption of blockchain for use in developing several companies in the country. I hope some big countries follow this step.

perfect999

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Quote from: Chrystora123 on September 27, 2021, 05:01:29 PM

Quote from: zaesvlas on September 27, 2021, 02:27:47 PM

I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable. Hopefully after this Laos will make bitcoin as a legal tender there..

Even it is good and profitable but right now it is all study case because after checking all impacts then we will have any update about this right now if you're able to check chart which is available in OP about electricity prices they are not in cheap list they have some good prices which can effect of them badly as well even bitcoin price will rise, but this can bring some bad impact on many other things as well.

Even they have share border with China which can give them some good advantage as many big miners can shift here and able to do some big investments hopefully this will help them to develop their electricity department, and they can improve in this all was any result can happen, but first we have to check when this all coming.

TelolettOm

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Quote from: Chrystora123 on September 27, 2021, 05:01:29 PM

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable. Hopefully, after this Laos will make bitcoin a legal tender there..

every legalization of Bitcoin will give positive effects on the country. Moreover, if it is about mining Bitcoin. We know that currently, China ban all crypto activities moreover mining. So, we can see other changes in other countries. Although Ukraine and Laos are not as big as China, at least their statement will be helpful enough.
But so far, it still doesn't give a big impact. Moreover, the legalization in that country is like others, not like El Salvador.

Chrystora123

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Quote from: zaesvlas on September 27, 2021, 02:27:47 PM

I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable. Hopefully after this Laos will make bitcoin as a legal tender there..

TimeTeller

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Quote from: Tipstar on September 27, 2021, 12:07:49 PM

Crypto mining would be a good option for countries with cheap energy and specially for renewable plants that produce more than they could supply to the grid. For Laos, 80% of their energy demand is provided by renewables and that's increasing. With the xayabury dam, Loas would produce more energy than it needs now. They need to use it to something productive and bitcoin mining is perfect solution for use of excess energy.

This will be good also for Chinese miners who are looking for alternative places to move their mining facilities.
Laos, is a neighboring country of China, so I think moving their business here would not be too difficult now that China is being strict when it comes to crypto.
If Laos will open its doors to crypto-related businesses, it may also help in boosting their economy now that the world is still in pandemic crisis.

zaesvlas

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I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

Ryker1

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Quote from: bitzizzix on September 27, 2021, 01:02:53 PM

All the reasons are because of the pandemic to recover the economy with different plans and reasons, indirectly the pandemic brings positive things for bitcoin or crypto.
and with what we saw during the pandemic, bitcoin users are increasing including countries that have started or are planning to legalize and view bitcoin or crypto positively as a source of income.
and I don't care about countries that legalize or allow mining in their country because for me anything positive for bitcoin I really support and also slowly bitcoin growth will be brighter in the future.

Well, that is possible and I think that is the reason too. We are still on the pandemic and everyone wants to always have an electronics transaction and bitcoin and other cryptos are suitable for this, --in short, it is a very useful asset. There is no doubt that other countries will follow this legalization as others did. After in El Salvador, in Ukraine, and now in Laos, what next? As we can see, many countries have an interest in this technology but there is one problem, --the taxation. However, we hope that there are other countries who will follow the steps on this who early adopted bitcoin.

Topic: Legalization. In Ukraine and now Laos (Read 581 times)