- Laos is reportedly expected to earn approximately $190 million in 2022 from bitcoin mining activities in the country.
- The new revenue source would contribute to the $2.8 billion total domestic revenue projected for 2022, the Lao Minister of Finance said.
- The government reportedly plans on employing the new revenue stream’s profits on increasing officials’ allowances, paying off debts, and pandemic-related expenditures.
The government of Laos, a Southeastern Asian country located between Thailand and Vietnam, reportedly expects to earn around $190 million in revenue from bitcoin mining next year, according to a report by Cambodian newspaper Phnom Penh Post.
Total Lao domestic revenue, which reportedly accounts for 15% of the country’s gross domestic product (GDP), is expected to amount to approximately $2.8 billion in 2022, the Minister of Finance reportedly told the National Assembly.
“Presenting the [National Assembly’s] 2022 draft budget plan to the session, the minister said the new source of revenue would increase the projected revenue for next year by 20 per cent compared to the target for 2021,” per the report.