Norway is considering prohibiting Bitcoin mining, although Laos welcomes it.

The debt-ridden Southeast Asian nation tries to control, while the Scandinavian country is concerned about potential environmental impact.

According to Euronews, Norway, which was among a group of favorite locations during the Chinese mining exodus, is considering supporting a European Bitcoin mining ban.

Bjrn Arild Gram, the country’s minister of local government and regional development, told local media that the Scandinavian country is exploring regulatory steps to “address the issues linked to crypto mining,” and that it is “impossible to justify the widespread use of renewable energy today.”

Gram said the government is looking into a request from Swedish regulators urging Europe to prohibit energy-intensive proof-of-work crypto mining.

Meanwhile, in Southeast Asia, a debt-ridden country is hoping to profit from the business by drafting new restrictions on cryptocurrency mining and exchanges, despite China’s increasing crackdown.

According to the local news outlet The Laotian Times, Laos’ minister of technology and communications issued a notice earlier this month to control crypto miners and trading sites.

According to the announcement, these businesses must be completely owned by Laos, be financially solid, and have adequate cash to function. According to the report, corporations must also deposit US$5 million as a security deposit with the Bank of Laos.

According to local media reports, the government required mining businesses to utilize at least 10 megawatts of power under a six-year extendable contract with the country’s electricity provider.

Crypto miners benefited from the new laws as well. The government would exempt mining businesses from power transmission and import duties, according to the statement.

According to a notice from the prime minister’s office, Laos’ new crypto restrictions come after the Southeast Asian nation approved six enterprises to trade and manufacture cryptocurrencies in September, ending a prohibition imposed in 2018.

According to World Bank data, Laos is the third poorest country in the region, after Myanmar and Cambodia. According to the data, the country’s gross domestic output per capita in 2020 was US$2,630.

By developing hydroelectric dams on the Mekong River, the country hopes to become the “Battery of Southeast Asia,” bolstering the economy with its enormous hydropower resources.

According to a paper from the US Department of Commerce’s International Trade Administration, the Lao economy is heavily dollarized in practice, with foreign currencies such as Thai baht, US dollars, and Chinese yuan regularly utilized for private transactions involving imported commodities.

In addition to approving the crypto business, Laos’ central bank is investigating the feasibility of a central bank digital currency (CBDC) having hired Soramitsu, a Tokyo-based blockchain firm, to investigate the topic in October.

Meanwhile, Bitcoin mining difficulty has risen to its greatest level since China’s crackdown on the mining industry and the ensuing crypto meltdown in May.
According to data from BTC.com, the difficulty level — a measure of how hard a miner would have to work to verify transactions on a block, or “dig out” Bitcoins — increased by 4.69 percent last week, the ninth increase in a row after four straight drops since May.

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