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The Laos Government Reportedly Puts a High Priority on Blockchain Technology for Digital Transformation

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Jay Solano

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Author

Jay Solano

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Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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Laos Prime Minister Sonexay Siphandone led the first Ministerial Conference on Blockchain 4.0 Digital Transformation.

The Laotian government is said to have held the first Ministerial Conference on Blockchain 4.0 Digital Transformation on May 26 in Vientiane, the country’s capital. The Lao Prime Minister, Sonexay Siphandone, was in charge of the conference, which was attended by blockchain experts and leaders from the country’s most important business departments. 

A report from Singaporean software business MetaBank says that the meeting was mostly about using digital technology to speed up Laos’s digital transformation. Notably, it introduced the idea of Blockchain 4.0, emphasized the importance of open collaboration, and put Laos in a position to help shape and benefit from the new digital environment around the world.

MetaBank is a group that works with the Ministry of Technology in Laos. The Blockchain 4.0 project in Laos will be helped by a plan by the two groups to set up a research and development center for blockchain.

The conference is said to have set out several goals for the development of Laos’ digital economy, such as using digital technology to bring in new fiscal revenue, bolster foreign exchange reserves, curb inflation, promote sustainable economic growth, raise living standards, and make the country more competitive on the international stage in the short term. At the event, it was also suggested that a Blockchain Technology Transformation Committee be made to make sure that laws are followed and drafting legislation pertinent to the digital economy.

Siphandone is said to have stressed at the meeting how important it is to use blockchain technology in many government processes and to use it a lot for administrative management and public services. He said Laos could only reach its ninth five-year plan for national, economic, and social growth with blockchain technology.

Laos is a country in Southeast Asia that has recently made a lot of progress in using Bitcoin and digital technology. In February, the central bank of Laos and the Japanese financial software company Soramitsu agreed to start a proof-of-concept project for a central bank digital currency. Under the project, a digital currency called DLak will be traded at commercial banks for fiat currency and used for real-time transactions with participating sellers using a QR code and app. This project is meant to fix the fact that digital deals in Laos used to take up to a month to clear up.