Laos is considering developing its own CBDC

Recently, the Bank of the Lao People’s Democratic Republic and the Japan International Cooperation Agency signed a memorandum of understanding to discuss the development of digital currency.

In order to better analyze the situation in the country, Laos initiated a joint research with Japanese fintech startup Soramitsu. Soramitsu is known for cooperating with the National Bank of Cambodia to develop a digital payment platform Bakong.

In addition, the main function of the “Bakong” digital currency developed as part of the Cambodian CBDC project is to help reduce the Cambodian economy’s dependence on the U.S. dollar.

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