Laos Chairs Blockchain 4.0 Digital Transformation Ministerial Conference

Laos Chairs Blockchain 4.0 Digital Transformation Ministerial Conference

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Laos Chairs Blockchain 4.0 Digital Transformation Ministerial Conference

Laos is embarking on digital transformation and leveraging Blockchain 4.0 to modernize its economy and improve international competitiveness.

The political hierarchy of Laos chaired a groundbreaking forum titled Blockchain 4.0 Digital Transformation Ministerial Conference in their capital, Vientiane. The meeting, chaired by Prime Minister Sonexay Siphandone, welcomed a number of blockchain experts and influential figures from the country’s key economic sectors.

A communication from Singapore-based software powerhouse MetaBank suggested that the core of the discourse centered on accelerating the digital transformation of Laos through the intelligent application of digital technologies. The forum introduced the concept of Blockchain 4.0, emphasizing the importance of unreserved cooperation and portraying Laos as a driving force and benefactor in the coming global digital shift.

MetaBank works closely with the Ministry of Technology in Laos. These two businesses are designing a blockchain-focused research and development center that will underpin the Blockchain 4.0 ambitions of Laos.

The forum has reportedly presented a number of goals for the development of a digital economy in Laos, including leveraging digital technology to cultivate fresh sources of finance, strengthen foreign exchange reserves, curb inflation, promote steady economic expansion, improve living conditions and strengthen international competitiveness in the short term. Alongside these, a special committee on Blockchain Technology Transformation was proposed to maintain legal standards and create laws relevant to the digital economy.

Speaking at the forum, Siphandone reportedly emphasized the need to incorporate blockchain technology across various government functions and its widespread use in administrative management and public services. He argued that adopting blockchain technology is essential to realizing the country’s ninth five-year strategic plan for national, economic and social progress.

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Laos has made significant strides towards embracing blockchain and digital technology recently. In an event earlier this year in February, Soramitsu, a Japanese financial software unit, signed an agreement with Laos’ central bank to pilot a central bank digital currency project.

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