Laos, a tiny country in Asia, is certain to profit $193 million from mining crypto alone in 2022, the country’s minister of Finance Bounchom Ubonpaseuth announced on Tuesday.
This is a major part of the $2.8 billion domestic revenue forecast for the next year.
Around mid-September this year, Laos decided to allow, six local companies to mine cryptocurrencies. Its government also given it citizen permission to trade crypto and started working on regulating digital assets.
The country had maintained an anti crypto position prior. In fact, Cryptocurrencies had been banned in Laos since 2018.
Laos is one of the poorest country in Southeast Asia, it has been under communist rule since the 1950s.