- June 1, 2023
- Posted by: [email protected]
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The inaugural Ministerial Conference on Blockchain 4.0 and Digital Transformation in Vientiane provided a huge boost to Laos’ commitment to digital transformation. The summit, led by Prime Minister Sonexay Siphandone, brought together blockchain experts and officials from key economic sectors in the country. The event, conducted in conjunction with MetaBank, was intended to accelerate Laos’ digital transformation by leveraging blockchain technology.
The conference introduced the concept of Blockchain 4.0, emphasizing the importance of open collaboration. It positioned Laos as a catalyst and beneficiary in the evolving global digital landscape. To support this initiative, the Laotian Ministry of Technology and MetaBank plan to establish a dedicated blockchain research and development center.
With a focus on Laos’ digital economy development, the conference outlined several goals, including the generation of new fiscal revenue, bolstering foreign exchange reserves, curbing inflation, fostering sustainable economic growth, improving living standards, and enhancing international competitiveness in the short term. To ensure legal compliance and create relevant legislation, the conference proposed the formation of a Blockchain Technology Transformation Committee.
Prime Minister Sonexay Siphandone emphasized the integration of blockchain technology into government processes, highlighting its potential for administrative management and public services. He stressed that adopting blockchain technology is crucial for the realization of Laos’ ninth five-year plan for national economic and social development.
Laos has been actively embracing blockchain and digital technology. In collaboration with Soramitsu, a Japanese financial software firm, the Central Bank of Laos signed a memorandum of understanding to launch a proof-of-concept project for a central bank digital currency (CBDC) named DLak. This project aims to address the delays in digital transactions, which previously took up to a month to clear. The CBDC will facilitate real-time transactions through a QR code and app, enabling faster and more efficient financial interactions.
Laos’ prioritization of blockchain technology and digital transformation reflects its determination to harness the potential of emerging technologies and secure a prominent position in the digital age.
