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Crypto Fraud Ring Dismantled by Vietnamese Authorities

[Oct 7, 2024 2:30 AM] Vietnamese authorities have reportedly dismantled a cross-border fraud ring involved in romance scams and fraudulent cryptocurrency schemes. Led by foreign criminals, the group operated from Laos and defrauded victims of tens of billions of dong…

Crypto Mining Surge and Erratic Weather Strain Laos’ Power Grid

[May 17, 2024 12:34 PM] A report released on May 16 highlights how increased electricity consumption due to crypto mining and inconsistent rainfall have led to power shortages in Laos, challenging its goals as a hydropower exporter in Southeast Asia. Reuters: Increased…

Lao military says country’s crypto operators owe $20M in unpaid taxes

[Nov 9, 2023 8:12 AM] The government says the tax debt will be slashed by 50% in response to a prorated drop in cryptocurrency prices after the obligations were set.

Laos halts electricity supply to crypto mining projects amid drought

[Aug 28, 2023 2:30 AM] The drought that the country experienced in the first half of 2023 resulted in higher electricity demand and lower power generation capabilities from hydropower plants.

Heatwave and Debt: Laos Suspends Crypto Mining Operations Amid Rising Power Demands

[Aug 26, 2023 1:30 PM] In recent developments, Electricite du Laos (EDL) announced on August 24 that the power company shut down cryptocurrency mining activities. This decision came after this summer’s unprecedented heat surge escalated electricity demands…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

[May 13, 2023 8:00 PM] The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei…

India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar

[Apr 3, 2023 2:30 AM] The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this…