One Step Forward, Laos Launches Digital Transformation Initiative By Using Blockchain 4.0

Laos hosts the Prime Minister's Conference on Blockchain Digital Transformation 4.0. (photo: Twitter @MetaBankSG)

JAKARTA - The Laos government reportedly hosted the first Prime Minister's Conference on Blockchain Digital Transformation 4.0, the first in the nation's capital, Vientiane, on May 26. The conference was chaired by Laos Prime Minister Sonexay Smendone and was attended by blockchain experts and leaders from the country's main economic department.

Blockchain 4.0 is revolutionizing #Laos. It's driving financial inclusion, fostering transparency, and enhancing security in transactions. Smart contracts and decentralized finance are opening new avenues for growth. Truly, a game-changer for the nation's economy. #MetaBankLaos… pic.twitter.com/oyaAKzFNjk

— MetaBank (@MetaBankSG) May 27, 2023

Blockchain 4.0 is revolutionizing #Laos. It's driving financial inclusion, fostering transparency, and Enhancing security in transactions. Smart contracts and decentralized finance are opening new approaches for growth. Truly, a game-changer for the nation's economy. #MetaBankLaos... pic.twitter.com/oyaakzFNjk

According to a report from the software company Singapore, MetaBank, the main focus of the meeting was accelerating the digital transformation of Laos by utilizing digital technology. In particular, the Blockchain 4.0 concept was introduced, by emphasizing the importance of open collaboration and making Laos a catalyst and beneficiary of the emerging global digital landscape.

MetaBank is an organizational partner of the Laos Ministry of Technology. The two organizations plan to create a blockchain research and development center to support the Laos Blockchain 4.0 initiative.

The conference reportedly outlined several goals for the development of Laos' digital economy, including using digital technology to generate new fiscal revenues, strengthen foreign exchange reserves, control inflation, encourage sustainable economic growth, raise living standards, and increase international competitiveness in the short term.

In addition, the event proposed the establishment of a Blockchain Technology Transformation Committee responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.

During the conference, Sryptone emphasized the importance of integrating blockchain technology into various government processes and utilizing it widely for administration management and public services. He stated that adopting blockchain technology is very important to achieve Laos' ninth-year Plan for national, economic and social development.

Located in Southeast Asia, Laos recently took significant steps to incorporate blockchain and digital technology.

In February, Japan's financial software company Soramitsu signed a memorandum of understanding with Laos central bank to launch a central bank digital currency concept project. In this project, digital currencies called DLak will be exchanged for commercial banks with fiat currencies and used for transactions in real-time with participating sellers using QR codes and applications.

This initiative aims to overcome delays in digital transactions in Laos which previously could take up to one month to complete.