Laos has set up a committee to oversee legal compliance and draft appropriate legislation to prepare for the digital economy.
A conference organized by the Laotian government on May 26, 2023, brought together national blockchain and Web3 experts. The meeting’s goal was to discuss the implementation of blockchain 4.0 in Laos’ economic sectors. The conference examined the digital potential of the nation and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are working on a system to aid in the study and creation of the blockchain 4.0 initiative.
The Laotian government is actively pursuing the use of digital technology through Blockchain 4.0 in order to, among other things, raise the living standards of its citizens, strengthen its foreign exchange reserves, and create new sources of tax revenue. Prime Minister Sonexay Siphadone emphasized the benefits of implementing blockchain technology in a variety of administrative and public services, emphasizing its significance in achieving the country’s ninth five-year economic and social development plan.
In order to prepare for the digital economy, it was suggested that a committee be formed to make sure the whole process follows legal processes and also create essential legislation. To further support this vision, MetaBank is collaborating with the Lao Ministry of Technology to set up research and development facilities.
Laos Previous Moves towards Utilizing Blockchain and Digital Technology
The May 26 meeting on incorporating blockchain 4.0 into some aspects of the economy is not Laos’ first move towards integrating digital technology into its system. In February, the Laotian central bank also worked with a Japanese blockchain developer to test its digital currency. The plan was to harness the privilege of digital technology to make financial services more accessible since more than 70% of Laotian citizens don’t have a bank account.
The Laos government is also working with Cambodia to develop a cross-border payment system to make digital currencies more attractive.
Blockchain Technology Could Continue to Get Greater Adoption
Blockchain technology has been the subject of in-depth study and testing across many industries. Blockchain 3.0 concentrates on solving problems with second-generation blockchains, but Blockchain 4.0 is the next step in the development of the technology with the goal of providing innovative solutions.
Blockchain 4.0 brings many advantages to individuals, the Internet, businesses, and the government. These include enhanced data management capabilities, heightened security measures, and increased transparency in operations and transactions. By leveraging Blockchain 4.0 in many industries, institutions can expect better efficiency in their daily activities.
Apart from Laos, a number of countries like Nigeria, the United States, and Malaysia, among others, are already using blockchain technologies to create digital currencies and solutions for better inclusion in their financial services. Countries like Russia, Australia, and India are also starting to test the solution this year. As countries and industries begin to explore blockchain solutions, we expect to see the technology get more adopted in a short time.