Last updated on November 17th, 2022 at 01:08 pm
Several countries are currently researching ways to launch their CBDCs. Laos is one of the latest countries to join the trend of those creating their CBDC, and to do this, they have partnered with Soramitsu, Japanese distributed ledger technology. The partnership will result in a research, development, and trial process that could bring forth a working CBDC for the country.
It is expected that the research will study the needs of those living in the country, and how Laotian financial platforms operate.
The study will start in October, this month, and it is not the first agreement that the country has made, as regards the research on the CBDC development. Earlier on, it reached an agreement with the Japan International Cooperation Agency.
Laotian authorities believe that the partnership with Soramitsu will ensure that they have access to the right stream of economic data and create a platform that allows CBDC-based cross-border settlements with China.
With the Chinese authorities cracking down on crypto mining and related activities, Laotian authorities created a program that encouraged the miners that left China to settle in Laos and mine cryptocurrencies.
The government has actively been trying to position itself as a crypto-friendly state.
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