Laos Embraces Blockchain 4.0 for Digital Transformation
Laos made a remarkable stride towards digital transformation with the successful hosting of the Ministerial Conference on Blockchain 4.0 Digital Transformation on May 26 in Vientiane, the country’s capital. Led by Prime Minister Sonexay Siphandone, the conference saw the participation of blockchain experts and leaders from key economic departments in Laos.
The conference, supported by MetaBank, a Singaporean software company and partner of the Laotian Ministry of Technology, focused on accelerating Laos’ digital transformation through the power of digital technology. The concept of Blockchain 4.0 took center stage, highlighting the importance of collaboration and positioning Laos as a driving force and beneficiary in the evolving global digital landscape.
A significant outcome of the conference was the proposal to establish a blockchain research and development center in collaboration with MetaBank. This center will provide crucial support for Laos’ Blockchain 4.0 initiative.
The conference outlined several goals for the development of Laos’ digital economy. These include utilizing digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, foster sustainable economic growth, improve living standards, and enhance international competitiveness in the short term. Furthermore, it was suggested to form a dedicated Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.
Prime Minister Siphandone stressed the integration of blockchain technology into government processes and its extensive use for administrative management and public services. He emphasized that embracing blockchain technology is crucial to realizing Laos’ ninth five-year plan for national, economic, and social development.
Laos, situated in Southeast Asia, has taken significant strides in incorporating blockchain and digital technology. In February, the country’s central bank partnered with Japanese financial software firm Soramitsu to launch a proof-of-concept project for a central bank digital currency called DLak. This initiative aims to expedite digital transactions in Laos, reducing the clearance time from a month to real-time transactions facilitated by a QR code and app, involving commercial banks and participating sellers.
Clever Robot News Desk 2ndJune 2023
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