The Lao government is reportedly prioritizing blockchain technology for digital transformation

by · May 30, 2023

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On May 26, the Laotian government reportedly hosted the first Ministerial Conference on Blockchain 4.0 Digital Transformation in the country’s capital, Vientiane. The conference, which was chaired by Lao Prime Minister Sonexay Siphandone, was attended by blockchain experts and various leaders from the main economic departments of the country.

According to a report by Singaporean software company MetaBank, the main focus of the meeting was on accelerating Laos’ digital transformation by leveraging digital technology. In particular, it introduced the concept of Blockchain 4.0, emphasizing the importance of open collaboration and positioning Laos as a catalyst and benefiting from the new global digital landscape.

MetaBank is a partner organization of the Lao Ministry of Technology. The two organizations plan to establish a blockchain research and development center to support Laos’ Blockchain 4.0 initiative.

The conference is said to have outlined several goals for Laos’ digital economy development, including using digital technology to generate new tax revenues, strengthen foreign exchange reserves, curb inflation, promote sustainable economic growth, improve living standards and increase international competitiveness in the short term. In addition, the event proposed the formation of a Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.

During the conference, Siphandone is said to have emphasized the importance of integrating blockchain technology into various government processes and using it extensively for administrative management and public services. He stated that embracing blockchain technology is essential to achieving Laos’ ninth five-year plan for national, economic and social development.

Related: Lao government budget expected to get $194 million from crypto miners by 2022

Located in Southeast Asia, Laos has recently taken significant steps to incorporate blockchain and digital technology. In February, Japanese financial software firm Soramitsu signed a memorandum of understanding with the central bank of Laos to launch a proof-of-concept project for a digital central bank currency. Under the project, a digital currency called DLak will be exchanged with commercial banks for fiat currency and used for real-time transactions with participating merchants using a QR code and app. This initiative aims to solve the previous delays in digital transactions in Laos, which can take up to a month to remove.

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