Laos government organizes meeting on Blockchain 4.0 and digital economy development
Laos has set up a committee to oversee legal compliance and draft appropriate legislation to prepare for the digital economy.
A conference hosted by the Lao government on May 26, 2023, brought together national blockchain and Web3 experts. The meeting aimed to discuss the implementation of blockchain 4.0 in Laos’ economic sectors. The conference examined the digital potential of the nation and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are working on a system to help with the study and creation of the blockchain 4.0 initiative.
The Laotian government is actively pursuing the use of digital technology through Blockchain 4.0 to, among other things, raise the standard of living of citizens, strengthen foreign exchange reserves and create new sources of tax revenue. Prime Minister Sonexay Siphadone emphasized the benefits of implementing blockchain technology in a variety of administrative and public services, stressing its importance in achieving the country’s ninth five-year economic and social development plan.
To prepare for the digital economy, it was suggested that a committee be formed to ensure that the entire process follows legal processes and also create important legislation. To further support this vision, MetaBank is working with the Lao Ministry of Technology to set up research and development facilities.
Laos’ previous move towards using blockchain and digital technology
The May 26 meeting to incorporate blockchain 4.0 into some aspects of the economy is not Laos’ first move towards integrating digital technology into the system. In February, the Laotian central bank also worked with a Japanese blockchain developer to test the digital currency. The plan was to leverage the privilege of digital technology to make financial services more accessible since more than 70% of Laotian citizens do not have a bank account.
The Laos government is also working with Cambodia to develop a cross-border payment system to make digital currencies more attractive.
Blockchain technology may continue to gain greater adoption
Blockchain technology has been the subject of thorough studies and testing across many industries. Blockchain 3.0 concentrates on solving problems with second-generation blockchains, but Blockchain 4.0 is the next step in the development of the technology with the aim of offering innovative solutions.
Blockchain 4.0 brings many benefits to individuals, the Internet, businesses and governments. These include improved data processing capabilities, increased security measures and increased transparency in operations and transactions. By leveraging Blockchain 4.0 in many industries, institutions can expect better efficiency in their daily activities.
Apart from Laos, a number of countries such as Nigeria, the United States and Malaysia are already using blockchain technologies to create digital currencies and solutions for better inclusion in their financial services. Countries such as Russia, Australia and India are also starting to test the solution this year. As countries and industries begin to explore blockchain solutions, we expect to see the technology become more widely adopted within a short time.