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Laos Leads Blockchain 4.0 Digital Transformation Ministerial Conference

Laos embarks on digital transformation, leveraging Blockchain 4.0 to modernize its economy and enhance international competitiveness.

Wed, 31 May 2023, 04:46 am UTC

The political hierarchy of Laos led a groundbreaking forum titled the Blockchain 4.0 Digital Transformation Ministerial Conference in their capital city, Vientiane. The meeting, presided over by Prime Minister Sonexay Siphandone, welcomed an array of blockchain experts and influential figures from the country's key economic sectors.

A communique from the Singapore-based software powerhouse MetaBank suggested that the crux of the discourse was centered on accelerating the digital transformation of Laos through the intelligent application of digital technologies. The forum introduced the concept of Blockchain 4.0, underscoring the importance of unreserved cooperation and portraying Laos as a driving force and benefactor in the forthcoming global digital shift.

MetaBank collaborates closely with the Ministry of Technology of Laos. These two establishments are designing a blockchain-focused research and development hub that will underpin the Blockchain 4.0 ambitions of Laos.

The forum reportedly presented a multitude of objectives for the development of a digital economy in Laos, among which included leveraging digital technology to cultivate fresh fiscal sources, strengthen foreign currency reserves, temper inflation, promote steady economic expansion, ameliorate living conditions, and amplify international competitiveness in the near term. Alongside these, a special committee on Blockchain Technology Transformation was proposed to maintain legal standards and create laws relevant to the digital economy.

In his speech at the forum, Siphandone reportedly stressed the necessity of incorporating blockchain technology across diverse government functions and its widespread usage in administrative management and public services. He claimed that adopting blockchain technology is crucial in realizing the country's ninth five-year strategic blueprint for national, economic, and social progress.

Laos has made significant strides toward embracing blockchain and digital technology recently. In an event earlier this year in February, Soramitsu, a Japanese financial software entity, signed an agreement with the Central Bank of Laos to pilot a central bank digital currency project.

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