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Laos Set To Explore CBDC, Hires Tokyo blockchain Startup

Laos is ready to explore a central bank digital currency (CBDC). Notably, Laos is enlisted Soramitsu, a blockchain company with its headquarter in Tokyo, Japan.

Also, Lao Central Bank and Soramitsu’s research will kick start from early as this month.

Laos Detailed CBDC Plans

Reports reveals how The Central Bank of Laos recently approves a memorandum with the Japan International Cooperation Agency. Of course, this is primarily to hold talks on the development of the digital currency.

More so, Global fintech company Soramitsu teams up with the Bakong digital payment system. Which, it’s on Soramitsu’s blockchain platform Hyperledger Iroha, for Cambodia.

Conclusively, there’s an information from the survey by the Bank for International Settlements. The results reveals that over 80% of central banks are exploring CBDC, with five countries in Asia in pilot stages.

Lastly, Results shows that Thailand is increasing at the fastest pace in Southeast Asia. This makes it enter the proof-of-concept stage, together with testing cross-border CBDC transfers with Hong Kong, Mainland China, and the UAE beginning in February 2021.

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