{"id":11787,"date":"2021-10-06T20:26:08","date_gmt":"2021-10-06T19:26:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11787"},"modified":"2021-10-06T20:27:36","modified_gmt":"2021-10-06T19:27:36","slug":"laos-government-partner-with-soramitsu-for-cbdc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/laos-government-partner-with-soramitsu-for-cbdc\/","title":{"rendered":"Laos government partners with Soramitsu on a CBDC research"},"content":{"rendered":"\n
Laos has become the latest country to announce research on a central bank digital currency<\/a> (CBDC), announcing a collaboration with Soramitsu, a Japanese distributed ledger technology (DLT) firm.<\/h5>\n\n\n\n
\"Laos<\/figure><\/div>\n\n\n\n

The project is set to start this month, according to a Sunday article from Nikkei Asia, and follows the signing of a memorandum of understanding between Laos' central bank and the Japan International Cooperation Agency to research CBDC development\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

The study will examine the functioning of banks and other financial intermediaries within the financial system, as well as the Laotian public's larger transactional demands.<\/p>\n\n\n\n

According to the paper, a CBDC would provide better economic data to Lao policymakers and might open the way for CBDC-based cross-border settlements with its neighbour and second-largest trading partner, China.<\/p>\n\n\n\n

Soramitsu collaborated with Cambodia to create the Bakong digital payment system, a distributed ledger technology-based payments network aimed at reducing the country's dependency on US dollars<\/a> for domestic trade.<\/p>\n\n\n\n

Since its inception in October 2020, the Bakong app has been downloaded over 200,000 times and is now supported by over 2,000 retailers.<\/p>\n\n\n\n

The decision by the Laos government to investigate a CBDC appears to have coincided with a push to investigate more lax digital asset legislation.<\/p>\n\n\n\n

On Sept. 11, the administration approved a public-private pilot project to investigate cryptocurrency mining and trading in order to take advantage of China's recent crackdown <\/a>on the mining industry and the ensuing migration of industrial-scale miners.<\/p>\n\n\n\n

As part of the scheme, six entities, including banks and construction firms, have been granted licenses to generate crypto assets.<\/p>\n\n\n\n

Several government agencies, led by the Ministry of Technology and Communications, have begun formulating legislation controlling the usage of digital assets in Laos in collaboration with the Bank of Laos <\/a>and the national power utility Electricite du Laos.<\/p>\n\n\n\n

The country's central bank, on the other hand, issued a warning to the public about the dangers of uncontrolled crypto assets like Bitcoin (BTC) and Ether (ETH) (ETH).<\/p>\n","protected":false},"excerpt":{"rendered":"

Laos has become the latest country to announce research on a central bank digital currency (CBDC), announcing a collaboration with Soramitsu, a Japanese distributed ledger technology (DLT) firm. The project is set to start this month, according to a Sunday article from Nikkei Asia, and follows the signing of a memorandum of understanding between Laos’ […]<\/p>\n","protected":false},"author":12,"featured_media":11788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161,21],"tags":[773,4927,4928],"class_list":["post-11787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-news","tag-cbdc","tag-laos","tag-soramitsu"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/Laos-government-partners-with-Soramitsu-on-a-CBDC-research.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11787"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11788"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}