Laos holds meeting on Blockchain 40 and digital economy development

On May 26, 2023, the Laotian government organized a conference that brought together national experts in blockchain and Web3. The purpose of the meeting was to discuss the implementation of blockchain 4.0 in Laos’ economic sectors. The conference explored the digital potential of the country and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are collaborating 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 achieve various goals such as raising the living standards of its citizens, strengthening its foreign exchange reserves, and creating new sources of tax revenue. Prime Minister Sonexay Siphadone emphasized the benefits of implementing blockchain technology in a variety of administrative and public services, highlighting its significance in achieving the country’s ninth five-year economic and social development plan.

To prepare for the digital economy, it was suggested that a committee be formed to ensure that the entire process follows legal procedures 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 power 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 focuses on solving problems with second-generation blockchains, but Blockchain 4.0 is the next step in the technology’s development 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.

Aside 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.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Top 3 Price Predictions: Wall Street Memes, Shiba Inu, and Dogecoin in Next Meme Coin Season

Meme coins, combining humor, culture, and financial speculation, are attracting attention from the crypto community a...


Shiba Inu investors accumulate 338 billion tokens, signaling a bullish cue.

Shiba Inu (SHIB), a cryptocurrency inspired by memes and gaining popularity, is currently undergoing significant chan...


Shiba Inu Marketing Lead's Important Message to SHIB Holders

Shiba Inu (SHIB) is set to play a crucial and influential role in the remarkable achievements of the cutting-edge lay...


Shiba Inu rises 5%, retakes 14th place in the market.

Following a challenging period of decline, Shiba Inu has regained its position among the top 15 cryptocurrencies in t...


Voyager sells 1.4T SHIB, good news for SHIB.

Voyager Digital has been strategically managing its crypto assets by transferring them to Coinbase, including the pop...


Shiba Inu launches Shibarium Ethereum L2 blockchain on mainnet.

In order to become validators, users have the opportunity to lock 10,000 BONE tokens in the Shibarium network. Moreov...