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The government of Laos has unveiled a new plan to use blockchain technology to advance the digital transformation of the country.
Laotian Prime Minister, Sonexay Siphandone, announced the strategy at the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation, where he spoke about the need to embrace blockchain technology in order to achieve Laos’ five-year plan for national, economic and social development.
Blockchain is essentially a digital ledger of transactions that is duplicated and distributed across networks that can accelerate and automate transactions.
During the meeting, the Prime Minister highlighted the importance of integrating blockchain technology to "digitise government tasks and apply it extensively to administrative management and public services."
He advocated for Laos to be potential builder of the global digital world order through national digital operations.
The meeting outlined several goals for Laos’ digital economy development, including using digital technology to generate new fiscal revenue, bolster foreign exchange reserves, curb inflation, foster sustainable economic growth, enhance living standards and boost international competitiveness in the short term.
The meeting also proposed the establishment of a Blockchain Technology Transformation Committee, responsible for the legal compliance and legislation related to the digital economy.
The Laotian Minister of Technology, Boveingkham Vongdara, said that Laos faces “opportunities and challenges brought about by Industry 4.0” and needs to use blockchain technology to “transform production and service methods.”
To support the plan, the Ministry of Technology has signed an agreement with Singapore’s MetaBank, a blockchain technology company that is planning to establish a blockchain technology research and development platform.
Frank Sui, MetaBank's founder and chairman, stated that developing countries can "overtake on a bend" by using blockchain technology to improve the GDP and living standards.
Experts attending the meeting agreed that blockchain technology could help developing countries to achieve "leapfrog development". They said building a digital civilisation is based on the three main pillars: digital financial infrastructure, digital asset tokenisation platform, and digital society.