Laos is hopping on the CBDC train! The Southeast Asian nation has teamed up with Tokyo’s finest, Soramitsu, to kick off a proof-of-concept for the Digital Lao Kip (DLak). According to Nikkei Asia, this exciting partnership between the Bank of the Lao PDR and Soramitsu will have everyone talking in the coming days.
Imagine being able to pay for goods and services with a simple swipe of your digital kip! Commercial banks will have the power to convert fiat kip into digital kip through the central bank, giving individuals the option to go digital with their purchases. And if you ever want to switch back to good ol’ fashioned fiat currency, banks will be able to convert your CBDCs back for you.
Soramitsu is no stranger to the CBDC scene, having played a major role in designing Cambodia’s Project Bakong. The Laotian central bank notes that their proof-of-concept will be a personalized version of Project Bakong’s software, given the similarities between the two countries.
Laos wants to increase financial inclusion and make international remittances a total breeze. According to the World Bank, only 37% of the over-15 crowd have a bank account in Laos, which is way below the worldwide average.
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Southeast Asia Ready to Roll the Digital Dice: CBDCs All In!
With wholesale CBDCs leading the charge, the push for a retail option is stronger than ever, despite all the payment options fighting for customers’ attention.
Indonesia, Thailand, and Hong Kong are getting ready to rock and roll with their own CBDCs, while Vietnam and the Philippines are hot on their heels. And don’t forget about the Pacific island nations of Fiji and Tonga – they’re joining in on the fun too, with plans to boost financial inclusion in their countries.
But they’re not the only ones at the party! Nigeria and the Bahamas have already launched their CBDCs, and China’s digital yuan is gearing up for a big launch. So buckle up, Southeast Asia – the CBDC ride is just getting started!
