The Laotian government, under the leadership of Prime Minister Sonexay Siphandone, recently organized the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in the capital city of Vientiane on May 26. The conference brought together blockchain experts and leaders from key economic departments within the country.
The primary focus of the meeting, according to a report from Singaporean software company MetaBank, was to accelerate Laos’ digital transformation by leveraging digital technology. The concept of Blockchain 4.0 was introduced, highlighting the importance of collaboration and positioning Laos as both a catalyst and beneficiary in the evolving global digital landscape.
MetaBank, in partnership with the Laotian Ministry of Technology, plans to establish a blockchain research and development center to support Laos’ Blockchain 4.0 initiative.
The conference outlined several goals for the development of Laos’ digital economy, including using 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. Additionally, the event proposed the formation of a Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting relevant legislation for the digital economy.
Prime Minister Siphandone emphasized the significance of integrating blockchain technology into government processes and utilizing it extensively for administrative management and public services. He stated that embracing blockchain technology is crucial for the successful implementation of Laos’ ninth five-year plan for national, economic, and social development.
Laos has been actively incorporating blockchain and digital technology in recent times. In February, Japanese financial software firm Soramitsu signed a memorandum of understanding with the central bank of Laos to launch a proof-of-concept project for a central bank digital currency called DLak. This initiative aims to address the delays in digital transactions that previously took up to a month to clear in Laos, enabling real-time transactions with participating sellers using a QR code and app.
