Lao Govt Keen on Promoting Digital Transformation Via Blockchain Technology

Mr. Sonexay Siphandone, the Prime Minister of Laos.

The government of Laos has expressed its support for developing the country’s digital technology to advance its economy and society.

Prime Minister Sonexay Siphandone spoke at the Ministerial Level Conference on Blockchain 4.0 Development for Digital Economy Development on Friday calling for the country to promote the effective use of digital technology.

The conference discussed digital technologies like blockchain, artificial intelligence (AI), high-speed Internet, Internet of Things (IoT), big data, cloud computing, E-wallet, E-transactions, E-payments, virtual reality, and augmented reality.

The PM said that an expansion of these technologies would bring new opportunities and services to Laos and would help in socio-economic development and assist in improving governance.

To achieve success on this front, the government of Laos will be implementing the National Digital Economic Development Vision for 2021-2040, the National Digital Economic Development Strategy for 2021-2030, and the National Digital Economic Development Plan for 2021-2025.

The conference was chaired by PM Siphandone, organized by the Ministry of Technology and Communications, and supported by MetaBank Singapore on Friday at the National Convention Center.

According to Yahoo Finance, the conference proposed the establishment of a Blockchain Technology Transformation Committee to oversee digital economy legal compliance and legislation in the country.

According to Mr. Boveingkham Vongdara, Minister of Technology and Communications, Laos faces opportunities and challenges due to Industry 4.0, which represents the increasing digitization of the manufacturing sector. Hence, the country must use blockchain technology to transform its production and service methods.

The Ministry of Technology and Communications also signed a cooperation agreement with MetaBank Singapore to promote digital transformation in Laos.