Laos partners with Japanese firm to pilot digital currency
The Bank of Laos (BOL) on February 7 started piloting its digital currency following its memorandum of understanding (MoU) signed with Japanese blockchain developer Soramitsu one day earlier.
Tokyo (VNA) – The Bank of Laos(BOL) on February 7 started piloting its digital currency following its memorandumof understanding (MoU) signed with Japanese blockchain developer Soramitsu oneday earlier.
Soramitsu helpedCambodia launch its digital currency, called Bakong, in October 2020. The BOLwill use a modified version of this system to generate digital currency, whichwill be distributed to consumers via commercial banks, Nikkei Asia reported,adding that consumers will test using the currency to pay for purchases atstores.
Laos sees digital currency as a way to makefinancial services more accessible. Around 70% of the Laopopulation has no bank account. A digital currency is expected to let peoplepay at the store or transfer money by scanning a QR code on their smartphones,regardless of whether they have a bank account. It could reduce the cost ofremittances from workers overseas.
According to Nikkei Asia, Vietnam and the Philippines are conducting researchon central bank digital currencies (CBDCs), while Fiji and other Pacificisland nations have expressed interest in the concept.
Soramitsu aims to create an internationalsettlement network that connects digital currencies fromthese countries./.
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