In line with a recent report published by native news outlet ‘Vientiane Times’, Laos central bank has warned the general public against the use, purchase or dealing in any kind of cryptocurrencies.
The Bank of the Lao PDR has issued a warning to monetary market participants as well as the public against cryptocurrency transactions as they’re considered illegal within the country. The bank earlier prohibited financial bodies within the country from conducting any operations in cryptocurrencies, furthermore making investments in any such assets.
The bank is supposedly concerned regarding the anonymity of the sender and receiver within an exceedingly cryptocurrency involved transaction, that it worries will increase the danger of digital assets’ use in money laundering activities. A source known with the matter told the native news outlet that authorities don’t have a relevant security system to ensure the safety of crypto-currency owners.
While some countries like, Canada, Malta as well as Switzerland have embraced the new asset class to some extent, while official around the world are still expressing skepticism toward crypto assets, whereas some hardliners call for outright bans.
Within the United States, where the legal status of cryptocurrencies can vary from state-to-state, One congressman ‘Brad Sherman’ recently ‘proposed‘ for a complete ‘ban‘ on cryptocurrencies. Sherman claimed that crypto presents a threat to the status of the USD to have an effect on the world economic developments.
Earlier in April, Indian government was ‘considering‘ a full ‘ban‘ of cryptocurrencies beneath the Prevention of Money Laundering Act since it might supposedly be used for Money Laundering and Terrorism Funding. The Ministry of Corporate Affairs reportedly declared that cryptocurrencies are employed in illegal schemes to “defraud gullible investors”.
Also in the same month, another news broke that Pakistan -which banned cryptocurrency trading earlier in the month of April last year – is ‘re-implementing‘ new cryptocurrency laws in an effort to boost its track record in fighting financial crimes. This move was reportedly partly a reaction to demands from global monitoring body the FATF [Finance Action Task Force], that has repeatedly voiced concerns about cryptocurrencies’ role in terrorism funding.