Laos, a Southeast Asian nation, recently made strides in embracing digital technology and blockchain. In a significant move, the Laotian government organized its inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in the capital city, Vientiane, on May 26. Led by Prime Minister Sonexay Siphandone, the conference brought together blockchain experts and leaders from key economic departments in the country.
Laos will focus on blockchain to push digital transformation
The conference, centered around accelerating Laos’ digital transformation, introduced the concept of Blockchain 4.0. The focus was on fostering open collaboration and positioning Laos as both a catalyst and a beneficiary in the emerging global digital landscape. The meeting highlighted the potential of leveraging digital technology to expedite the nation’s development.
Singaporean software company MetaBank, a partner organization of the Laotian Ministry of Technology, played a key role in the conference. MetaBank and the ministry are planning to establish a blockchain research and development center, supporting Laos’ ambitious Blockchain 4.0 initiative.
The event outlined several goals for Laos’ digital economy development. These objectives include leveraging digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, promote sustainable economic growth, improve living standards, and enhance international competitiveness in the short term. Moreover, the conference proposed the formation of a Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting legislation related to the digital economy.
The country highlights the keys to transforming its economy using blockchain
Prime Minister Siphandone emphasized the significance of integrating blockchain technology into various government processes and utilizing it extensively for administrative management and public services. He underscored that embracing blockchain technology is crucial to accomplishing Laos’ ninth five-year plan for national, economic, and social development.
Laos has already taken notable steps in incorporating blockchain and digital technology. In February, the country’s central bank signed a memorandum of understanding with Japanese financial software firm Soramitsu. The collaboration aims to launch a proof-of-concept project for a central bank digital currency (CBDC) called DLak. Under this initiative, DLak will be exchanged with commercial banks for fiat currency and used for real-time transactions through a QR code and app. The project aims to address previous delays in digital transactions, which could take up to a month to clear in Laos.
The Ministerial Conference on Blockchain 4.0 Digital Transformation marks a significant milestone for Laos as it seeks to embrace the potential of blockchain technology and expedite its digital transformation. By leveraging digital technology and fostering collaboration, Laos aims to position itself as a proactive participant in the global digital landscape, enhancing economic growth, and improving the lives of its citizens.