Don’t Trade in Crypto, warns Laos’ Central Bank

The central Bank of Lao poked its nose into the crypto world on Friday, when the value of the kip against the U.S. dollar saw a significant drop, even though the Bank of the Laos PDR has set a reference rate, in a bid to stabilize foreign currency exchange.

A number of currency exchange units in Laos’ capital Vientiane, were on Friday, offering an exchange rate of about 8,700 kip per U.S. dollar, which is higher than the reference exchange rate set by the Bank of Lao PDR, the Laos central bank.

A report in the Vientiane Times said that the notice issued by the Central Bank of Laos last week warned the public not to use unregulated currencies such as BTC, ETH and LTC. The bank said the ad seems to be trying to attract people to buy, sell and use cryptocurrencies in Laos.

Reports from media on September 3 said that the Laos central bank has issued a notice warning the public to avoid falling victim to the use of cryptocurrency on account of the potential risks, involved in its money laundering, funding of terrorism.

The notice by the Bank of the Lao PDR (BOL) cautioned the public last week against the use of Bitcoin, Ethereum and Litecoin, and other unregulated currencies, Xinhua quoted a Vientiane Times report as saying. It said that advertisements have appeared trying to lure people to purchase, sell and use cryptocurrencies in Laos.

When the whole world seems to be attracted towards the emerging new economic era of the cryptocurrencies, the news and warning from the Central bank of Laos have certainly made the whole world look into the dark side of the ever emerging crypto world. Would this warning will introduce any doubts in the mind of the crypto interested users is hard to predict, but these warnings have pulled the attention of few crypto-phobic towards the other side of it.