Traditionally, cryptocurrency has been somewhat of a divisive topic among lawmakers and regulators. Although the Maltese, Canadian and Swiss governments seem resigned to the fact that cryptocurrency is here to stay, many others just don't seem to understand it. Recently, the central bank of Laos joined the long list of crypto dissenters who appear nervous about the rise of digital currency. Citing concerns about the use of crypto in money laundering, the central bank of Laos recently issued a directive that Laotians are not to use it.
Not only is the bank worried about the rise of money laundering, but they are also concerned that they won't be able to protect customers who participate in high-risk trading. After the bitcoin plummet of late 2017 and early 2018, some credit card companies have forbidden users from purchasing crypto with their cards. However, for those in the know, it seems highly unlikely that cryptocurrency restrictions will do much to stem the spread. Bitcoin users enjoy the ease of transferring funds, as well as the fact that anonymity is offered. There are also those who have become disgusted by high fees for transferring money. Crypto offers a way to send funds to others without being charged bank fees. For those who have become accustomed to using it, it seems highly unlikely that government regulations will stop them now. Those who are technologically adept will be particularly crafty when it comes to evading detection, meaning that bans will probably be useless in the future.
Meanwhile, countries such as India and Pakistan are also mulling the fate of crypto. A California congressman has added his name to the long list of Bitcoin dissenters, but the community still stands strong and proud. On crypto Twitter, one can see just how dismissive crypto enthusiasts are when it comes to the naysayers. After all, famous Bitcoin antagonists like Charlie Munger and Warren Buffett tend to be getting up there in years. What Laos will probably learn—sooner rather than later—is that the genie is already out of the bottle when it comes to crypto.