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Cryptocurrency News: Laos Central Bank Negative Stance On Using Cryptocurrency

Cryptocurrency space is full of ups and downs, its adoption and non-adoption are still the major standpoints and varies country to country around the globe. Countries like Dubai, Canada, Japan, Malta, and Switzerland are embracing the new digital money as per their understandings and making new jurisdictions for the safety of the citizens. On the other hand, there are many countries which are unable to show any positive lookout in favor of the cryptocurrencies.

One of the recent disciplinarians has shown such a negative aspect in regards to the use of these revolutionary asset class. Vientiane based central bank of Laos warned the local public, institutions, and the bank customers not to deal in cryptocurrency transactions. The central bank considers the crypto dealing or any other related business, buying and selling activity is illegal in the country. The news came out through a  local news portal Vientiane Times on May 21.

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Reportedly, the customers of The Bank of the Lao PDR are not allowed to indulge in any form of payment mode whether it is a credit card or any other type of card in order to sale or purchase of the cryptocurrencies.

Vientiane Financial Institutions Already Got Warning 

Earlier to this warning, last year in October, the bank already banned financial institutions for making any kind of monetary investments, engagements or encouragements through advertisements on social media in the digital assets space and hence, notified them not to conduct any operations linked with cryptocurrencies.

As per the information, the source at the Central bank mentioned the reason for such an outright ban on crypto transactions. According to him, security is the main concern of the authorities. Due to the lack of essential security system in place, the bank is unable to take any kind of safety guarantee to protect the cryptocurrency investors and their transactions. So, the Central Bank’s Transaction System Management Department has announced its negative and undesirable viewpoint on the use of cryptocurrencies and banned any such trading actions in the nation.

Cryptocurrency Position in the United States

Earlier this month, Congressman Brad Sherman from California called out for complete ban on cryptocurrencies and reasoning it is a threat to the U.S. dollar. According to Sherman, the digital assets have the potential to shake the world economic developments, America’s geopolitical influence along with the power and authority which the country has because of the recognition that supreme dollar has around the globe.

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Cryptocurrency Position in India

Reportedly, the position of cryptocurrency in India is not positive. Recently, one of the bitcoin traders committed suicide in Gujrat (India) due to the threatening attitude by the senior police officer and his brother. Interestingly, the victim, Bharat Patel, was managing the portfolio of both the brothers and he died not because police were against his crypto trading business instead they threatened him due to the losses which they suffered while involved in cryptocurrency investment. Bharat Patel mentioned in the suicide note about this affair and revealed that the brothers were asking the compensation which they suffered in bitcoin trading. This is something appalling for a country where the legal officers are themselves involved in the cryptocurrency investment affairs and not following their own government rulebooks.

As per the corroborated news, earlier in April, the Indian government has shown once again the unenthusiastic perspective. Under the Prevention of Money Laundering Act, the overseers are probably considering a complete ban on the use of cryptocurrencies. Purportedly, The Ministry of Corporate Affairs mentioned that to cheat gullible investors cryptocurrencies are used in fraudulent schemes.

Pakistan to Introduce New Crypto Regulations

On 1st April, the Pakistani news outlet also published the updates in which it stated that Financial Action Task Force (FATF) asked the Pakistani authorities to implement hairline regulation to prevent cryptocurrencies’ role in terrorist financing and to improve its track record in fighting financial crime. At present trading businesses related to cryptocurrencies also banned in the country.

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As per the available data, the  Financial Action Task Force [FATF] followed the federal government which has decided to introduce the Electronic Money Institutions (EMIs) regulations in Pakistan for regulating digital currencies. The EMIs as per the Electronic Money Regulations would be issued the licenses by the government authorities based on the rules and regulations which might be canceled and suspended if EMIs are unable to fulfill the set guidelines.