On May 26, the Lao government reportedly hosted the first Ministerial Conference on Blockchain 4.0 Digital Transformation in the country's capital, Vientiane. The meeting, chaired by Lao Prime Minister Sonexay Siphandone, was attended by blockchain experts and various leaders from the count ry's major economic sectors According to a report by Singapore-based software company MetaBank, the main focus of the conference involved around leveraging digital technologies to accelerate Laos' digital transformation. Notably, it introduced the concept of Blockchain 4.0, highlighted the importance of open collaboration, and positioned Laos as a catalyst and beneficiary of the emerging global digital landscape.
MetaBank is a partner institution of the Lao Ministry of Science and Technology. The two organizations are planning to create a blockchain R&D center to support Laos' Blockchain 4.0 initiative. According to reports, the meeting outlined several goals for the development of Laos' di gital economy , including using digital technology to create new fiscal revenue, increase foreign exchange reserves, curb inflation, promote sustainable economic growth, improve living standards and enhance short-term international competitiveness. . Additionally, the event proposed The creation of a Blockchain Technology Transformation Committee tasked With ensuring compliance with the law and drafting legislation related to the digital economy.
During the meeting, Siphandone reportedly stressed the importance of integrating blockchain technology into various government processes and its widespread use in administration and public services. He said the adoption of blockchain technology is crucial to realizing Laos' ninth five-year plan for national, economic and social development. Located in Southeast Asia, Laos has recently taken major steps to integrate blockchain and digital technologies. In February, Japanese financial software company Soramitsu signed a memory of understanding with the Central Bank of Laos to launch a proof-of-concept cept project for a central bank digital currency. Under the project, a digital currency called DLak will be exchanged for fiat currency with commercial banks and used for real-time transactions with participating sellers using QR codes and apps.The move aims to address delays in previous digital transactions in Laos, which can take up to a month to clear.
