Laos is pushing for digital transformation in its blockchain conference – Cryptopolitan

Laos, a Southeast Asian nation, has recently made step in embracing digital technology and blockchain. In a significant move, the Lao government organized its first ministerial conference on Blockchain 4.0 Digital Transformation in the capital Vientiane on 26 May. Chaired by Prime Minister Sonexay Siphandone, the conference brought together blockchain experts and leaders from key economic departments in countries.

Laos will focus on blockchain to push digital transformation

The conference, centered around accelerating Laos’ digital transformation, introduced the concept of Blockchain 4.0. The focus was on promoting open collaboration and positioning Laos as both a catalyst and a recipient in the new global digital landscape. The meeting highlighted the potential of harnessing digital technology to accelerate the nation’s development.

Singaporean software company MetaBank, a partner organization of the Lao Ministry of Technology, played a key role in the conference. MetaBank and the ministry plan to establish a blockchain research and development center, supporting Laos’ ambitious Blockchain 4.0 initiative.

The event outlined several goals for Laos’ digital economy development. These goals include leveraging digital technology to generate new tax revenues, strengthen foreign exchange reserves, control inflation, promote sustainable economic growth, improve living standards and improve international competitiveness in the short term. In addition, the conference proposed the formation of a Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting legislation related to the digital economy.

The country highlights the keys to transforming the economy using blockchain

Prime Minister Siphandone emphasized the importance of integrating blockchain technology into various government processes and using it extensively for administrative management and public services. He stressed that embracing blockchain technology is crucial to implementing Laos’ ninth five-year plan for national, economic and social development.

Laos has already taken remarkable steps to incorporate blockchain and digital technology. In February, the country’s central bank signed a memorandum of understanding with Japanese financial software firm Soramitsu. The collaboration aims to launch a proof-of-concept project for a central bank digital currency (CBDC) called DLak. Under this initiative, DLak will be exchanged with commercial banks for fiat currency and used for real-time transactions through a QR code and app. The project aims to address previous delays in digital transactions, which can take up to a month to clear in Laos.

The Ministerial Conference on Blockchain 4.0 Digital Transformation marks a significant milestone for Laos as it seeks to embrace the potential of blockchain technology and accelerate its digital transformation. By leveraging digital technology and fostering collaboration, Laos aims to position itself as a proactive participant in the global digital landscape, enhancing economic growth and improving the lives of its citizens.