China steps up cryptocurrency mining crackdown, Laos embraces mining, trading

Chinese authorities takes the next step in searching out illegal cryptocurrency mining activities by targeting research institutions, colleges, and data centers, Bloomberg reports, citing people with knowledge of the situation. At the same time, debt-laden Laos authorizes the mining and trading of crypto, hoping to profit from the digital mining crackdown in China, the Financial Times reports. The move represents a pivot in that last month the country's central bank warned banks, companies, and people against using crypto. Six companies including construction groups and a bank have been authorized to mine and trade crypto, such as bitcoin, ethereum, and litecoin, Laos's office of the prime minister said. Meanwhile, the intensified crackdown in China is partly due to concerns over power supplies for the upcoming winter season, Bloomberg said. The government will start a mechanism to monitor and track computing activities regularly in October, according to the article. Bitcoin (BTC-USD) slips 0.4% over the past