Southeast Asian country Laos is turning to cryptocurrency mining as a way to ease its growing debt burden and put surplus energy to use, according to a report published Wednesday.

Laos Looking To Monetize Surplus Power Through Crypto Mining

The government is now licensing local cryptocurrency trading platforms and mining operations, hoping to convert the surplus energy into economic profit and reduce the country’s debt. However, authorities have expressed concerns over the risks associated with the volatile nature of digital assets.

Moreover. environmentalists see the pivot to cryptocurrency as a sign of deeper problems with the country’s “flawed” energy strategy that has compounded the debt problem.

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Laos is one of the five active Communist states in the world and has been governed by the Lao People’s Revolutionary Party since 1975.

Bitcoin Mining on Countries’ Radar

Similarly, Pakistan unveiled plans earlier in May to assign 2000 megawatts of electricity for Bitcoin mining and artificial intelligence data centers as part of its strategy to harness excess electricity.

Last month, France also considered mining Bitcoin using excess energy generated by the country’s nuclear power plants.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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