The Scandinavian country of Norway worries about potential environmental damage, while the debt-ridden Southeast Asian country of Laos is working towards regulations.
Countries continue to grapple with crypto mining in different ways. As reported by Euronews Next, Norway, which is among a group of popular destinations in Chinese mining immigration, is considering upholding the European Bitcoin mining ban.
The country’s minister of local government and regional development, Bjørn Arild Gram, told local media that the Nordic country is considering potential measures to “address crypto mining challenges” and that it is “difficult to justify widespread use of renewable energy today”.
Gram said the government is investigating a proposal put forward by some Swedish regulators, urging Europe to ban energy-intensive Proof of Work crypto mining activities.
The Situation is Different in Laos
Laos’ technology and communications minister issued a statement earlier this month to regulate crypto miners and trading platforms, as reported by local media The Laotian Times. The declaration stipulated that these companies must be wholly owned by Laos and must be financially stable despite having sufficient capital to operate. According to the report, companies also have to deposit $5 million as a deposit in the Bank of Laos.
According to local media reports, the authority said mining operations must use at least 10 megawatts of power for mining companies under an extendable six-year contract with the country’s electricity provider. The new regulations also offered advantages for crypto miners. He said the government would be exempted from energy transmission and import fees for mining operations.
Laos’ new rules for the crypto industry come after the Southeast Asian country in September allowed six firms to trade and mine cryptocurrencies.
World Bank data show that Laos is among the poorest countries in the region after Myanmar and Cambodia. According to the data, in 2020 the country recorded $2,630 per capita gross domestic product.
The country is making efforts to support the economy with its abundant hydroelectric resources to become the “Battery of Southeast Asia” by building hydroelectric dams on the Mekong River.