Central Bank Of Laos Warns Against Using Cryptocurrency

The Central Bank of Laos is in today’s altcoin news for warning the public against the use, purchase and sale of digital currencies, as reports from the local news outlet Vientiane Times show on May 21.

Also known as The Bank of the Lao PDR, the Central Bank of Laos issued a warning to the financial market participants against the public – going directly to confront the cryptocurrency transactions as they are considered illegal in the country. Previously, the bank banned financial institutions from conducting operations with cryptocurrencies and making investments in such assets.

“The Central Bank of Laos and its Transaction System Management Department recently issued the warning after learning that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the central bank has banned the use of these currencies.”

Meanwhile, the latest cryptocurrency news also show the public which seems concerned about the anonymity of the sender and receiver in a crypto transaction. This fact worries because of the increased risk of digital assets and cryptocurrencies in the money laundering practices. However, a source familiar with the matter recently spoke and told Vientiane Times that authorities don’t have a relevant security system that will protect cryptocurrency holders.

Even though countries such as Canada, Malta and Switzerland have embraced the new asset class to different degrees, officials around the globe still express their skepticism towards crypto and hardliners call for outright bans on the use of digital assets.

In the US, the situation is not similar to the Central Bank of Laos as the legal status of crypto varies from state to state. The best cryptocurrency news sites recently reported that the California Congressman Brad Sherman called for a full ban on cryptocurrencies. He also claimed that cryptocurrency presents a threat to the power of the US dollar and affects world economic developments.

In April this year, we also reported a situation similar to the Bank of Laos in India – where the government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could reportedly be used for money laundering. The Ministry of Corporate Affairs then stated that cryptocurrencies are used in fraudulent schemes to ‘defraud gullible investors.’