Sign up with an active Crypto Exchange, P2P marketplace or trusted Third-party Merchant to begin trading Cryptocurrencies like Bitcoin, Ethereum & BitcoinCash using the local currency, the Lao Kip
Laos officially the Lao People's Democratic Republic, is a small South East Asia nation with a population of around 6.9 Million and is one of the world's few remaining communist states in the World.
In the recent decade, Laos struggled to keep up with the same level of growth found in the Asian Region but this is set to change in the future. There is still a lot happening in modern-day Laos, with the rapid developments in infrastructure and commerce, with experts predicting that Laos is about to undergo a period of economic prosperity in the following decades
Most Laotians live in rural areas and there is estimated +26% internet penetration rate, meaning a majority of country's citizens don't have access to the world wide web nor have a registered Bank account. With twenty-six percent of the population logging in online, Laos ranks seventh in Southeast Asia in Internet usage, however this number is set to change as IT infrastructure is expanding to rural areas and more young Laotians are turning to Smartphones.
Surrounded by Tech savvy neighbours, there seems to be more interests surrounding Blockchain technology in Laos and a stronger presence of a Bitcoin community is to be found throughout the country
However, it seems that Bitcoin adoption has been hampered by poor Internet access and Government unwillingness to recognize Cryptocurrencies as legal tender, which may have led to poor infrastructure to support mass Blockchain adoption. There was no native Bitcoin exchanges till 2018 and Cryptocurrency market consists of only a handful of local cash vendors on P2P Marketplaces like Localbitcoins & Remitano, suggesting that majority of Laotian bitcoin merchants are operating underground
The current situation indicates that Laos government has struggled with accepting any sort of Blockchain-based development, as there have been no official statements from the Bank of Lao PDR or Laos Security Commission. In fact, companies are having difficulties in terms of their accounting methods and their understanding of capital markets as they prepare to list on the country’s stock exchange, this likely means it will take some long time before a Cryptocurrencies Ventures are going to consider operating a National based company and there is chance that the Bitcoin volume of a new Crypto Exchange could exceed the country's volume of its entire stock exchange
Even though Laos is a small player of the overall Asian economy, this Nation has the opportunity to implement Blockchain Technology, while there is growing demand amongst Citizens to have access to more Financial instruments that could potentially be used to boost the country's digital economy.
The first Digital Bitcoin Exchange went live in 2018, with Vientiane Exchange receiving approval by the Government to handle Cryptocurrency Transactions in Laos. This may be a pivotal point whereby Laotian authorities may loosen up its stance towards Cryptocurrency regulation to allow a more Free Market. Part of world’s six communist governments, joined by China, Laos, Cuba, Vietnam, and North Korea – all of whom exercise strict capital controls within their borders, it should come to no surprise that these Government wish to control and restrict the development of Bitcoin within their borders
As of today, there is little news surrounding the regulatory stance of the country towards Cryptocurrencies and the local community of Blockchain Enthusiasts seem to get a mixed message when it comes to dealing with Digital currencies in like Bitcoin. Laos is known not to be such as business-friendly country and regulators have yet to provide the Legal framework to address country's acceptance of Cryptocurrencies, but recent development indicates that authorities are perhaps considering of allowing blockchain enthusiasts to pursue more ventures.
The potential is huge, because even though the country is relatively poor there is a large number of people who have relatives working abroad, meaning there is a ripe market for Remittance services using Cryptocurrency as a solution, these Companies just need to find a way to keep authorities at bay
The Central bank has yet to impress its interest in Cryptocurrencies as of late, that said blockchain’s future in Laos still remains uncertain. Bitcoin Enthusiasts are excited that Vientiane is the first Bitcoin Exchange in the country as of 2018, claiming it to be a good sign that authorities are to allow more Blockchain based services to operate domestically, but for the foreseeable future, Crypto investors have the "safe and sane" options to buy/sell Bitcoin in Laos in the Marketplace we have reviewed here
Laos Bitcoin Exchanges
Vientiane Exchange
On June 11th 2018, Vientiane Exchange was set to become the country's first proclaim Bitcoin Exchange to receive official certification to engage in Cryptocurrency and Fiat money exchange. The exchange will be located in Laos capital, Vientiane and will represent the first certified international exchange to be headquartered within the country.
This is first Bitcoin Exchange to open its doors in Laos, Vientiane will play a vital role of the mass adoption of Cryptocurrencies as this independent Exchange is creating a more established Bitcoin Market domestically, leading to better price discovery without the dependency of foreign-based Exchanges. Its main goal is to influence the way that Laos' citizens are dealing with money, hence the first Digital Exchange will be considered a vital move that will play a key role in improving the lives of the people by offering them new a platform to engage in Digital currency trading
As Laos first Bitcoin Exchange, the idea is to provide a basic service to allow Laos trader the opportunity to quickly buy & sell Bitcoin using the de-facto currency, the Lao Kip while supporting 5 Major Fiat currencies; United States Dollar, Thai Baht, Singapore Dollar and Russia
The company behind Vientiane Exchange, also announced that there will be a new line of ATMs, that will go live on July 1, 2018. ATM machines will offer various functionalities, essentially allowing Laotians to exchange up to 5 different currencies with Bitcoin. This is could be a game changer in how Laotians view and use new and emerging technologies in their everyday lives. Vientiane Exchange are on an ambitious mission of setting up better infrastructure in Laos, with the emergence of Vientiane Digital Exchange & ATM's seen to be a game changer in the country, especially as local Blockchain enthusiasts have more options to buy Bitcoin from more established Marketplaces
There isn't much information available online on Vientiane Exchange, as we consider this service to have the first mover advantage in Laos Cryptospace. We recommend doing a Background check and keeping up with company's latest development in establishing a Bitcoin Exchange in Laos as there many barriers and restriction that need to be overcome in order to operate the first license Bitcoin Brokerage in the country
Go to VTE.Exchange
Peer-to-Peer Exchanges
LocalBitcoins
Localbitcoins is the world most popular Bitcoin Peer-to-peer marketplace that provides users with an alternative way to obtain and trade digital currencies within a local country. This P2P marketplace has been around for a very long time and was originally based from Finland since 2012, the goal to connect Bitcoin buyers and sellers via an open, peer-to-peer marketplace and has since become a popular service in Laos
A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the most popular Bitcoin P2P for lati citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act's as a third-party to ensure that trades are conducted fairly
Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries. If you're considering buying Bitcoin in a country like Laos, it's recommended to avoid unregulated third-party marketplaces and instead use a more recognized P2P marketplace like Localbitcoins. This is the fastest method to obtain Bitcoin in Laos without having to go through a time-consuming KYC procedure and it's easy to find reliable vendors buying/selling Bitcoin
Remitano
Owned by the Seychelles-based company Babylon Solutions Limited, Remitano has been around since 2016 with the mission of connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. Unlike LocalBitcoins.com, this exchange offers P2P markets for Cryptocurrencies like Bitcoin Cash & Ethereum providing more alternatives when compared to P2P Bitcoin-only Exchange Network. Remitano only requires a verified email address, allowing anyone to trade Bitcoin on the platform without requiring additional KYC verification
By using the site users can create and list advertisements, communicate with prospective buyers/sellers and confirm all the transaction details before finalizing any trade. Similar to Localbitcoins, Remitano offers an online wallet, an escrow mechanism for making trades, and dispute resolution services.
As for now there is plenty of volume found for the liquid pair BTC/LAK on this P2P, especially with a thriving P2P marketplace in Laos but Remitano also provides the most active Marketplace of buyer & seller willing to trade the Laos Kip in exchange for a variety of digital currencies such as Ethereum, BitcoinCash and Tether. While LocalBitcoin.com is a more reputable service, Remitano has proven to be a worthy contender, as this peer-to-peer exchange has grown in popularity and earned a name for itself.
We at CryptoHype believe that Remitano offers the best P2P Marketplace for Laos residents, as Customer service and ease of use makes this a go-to platform to engage in Cryptocurrency trading. Since Remitano is popular among Laos Bitcoin enthusiasts, it is likely to remain one of the most active decentralized marketplace for buyer/sellers of Cryptocurrencies in Laos
Go to Remitano Laos
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Great article, keep up the good work! Crypto gets it's true power through mass adoption!
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