{"id":549038,"date":"2023-02-07T23:30:00","date_gmt":"2023-02-07T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia\/"},"modified":"2023-02-07T23:30:00","modified_gmt":"2023-02-07T20:30:00","slug":"laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia\/","title":{"rendered":"# Laotian CBDC proof of concept project to launch using system pioneered in Cambodia"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4f04349377b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4f04349377b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia\/#%E2%80%9D_Laotian_CBDC_proof_of_concept_project_to_launch_using_system_pioneered_in_Cambodia_%E2%80%9C\" >&#8221; Laotian CBDC proof of concept project to launch using system pioneered in Cambodia &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Laotian_CBDC_proof_of_concept_project_to_launch_using_system_pioneered_in_Cambodia_%E2%80%9C\"><\/span>&#8221; Laotian CBDC proof of concept project to launch using system pioneered in Cambodia &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDg4YWZlNWUtNGUxOC00ZmQxLWJmYzAtMGUxYjgyMjc4MDdhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Japanese financial software firm Soramitsu has announced the signing of a memorandum of understanding with the Bank of the Lao People\u2019s Democratic Republic Payment Systems Department on the launch of a proof-of-concept project for a Laotian central bank digital currency (CBDC). Under the agreement, a digital form of the Lao kip, called the DLak, would <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/soramitsu.co.jp\/dlak-cbdc\">launch<\/a> Feb. 7.<\/p>\n<p>According to an explanatory <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=IRsbxMdnQaw\">video<\/a>, the central bank would provide DLak to commercial banks in exchange for fiat currency, and the user would exchange fiat for DLak from the commercial bank. The user would then make purchases from participating sellers using a QR code and an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>. <\/p>\n<p>The DLak would be instantly converted to fiat by a commercial bank, making it possible for sellers to receive payment in real time. Previously, a digital transaction in Laos took up to a month to clear.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: The Bank of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Lao?src=hash&amp;ref_src=twsrc%5Etfw\">#Lao<\/a> PDR Payment Systems Department and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/SORAMITSU?src=hash&amp;ref_src=twsrc%5Etfw\">#SORAMITSU<\/a> Co., Ltd have signed an MOU for a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> Proof of Concept \u26e9 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DLak?src=hash&amp;ref_src=twsrc%5Etfw\">#DLak<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/LaoPDR?src=hash&amp;ref_src=twsrc%5Etfw\">#LaoPDR<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/12S74IIvm4\">pic.twitter.com\/12S74IIvm4<\/a><\/p>\n<p>\u2014 \u30bd\u30e9\u30df\u30c4 SORAMITSU | 7 YEARS 2016-2023 (@soramitsu_co) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/soramitsu_co\/status\/1622482885545701376?ref_src=twsrc%5Etfw\">February 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Apparently, a user would not be required to have a bank account to transact with DLak. Financial inclusion for people without bank accounts is one of the stated objected of the project. According to Nikkei Asia, around 70% of Laotians do not <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Business\/Markets\/Currencies\/Laos-begins-digital-currency-trial-with-Japan-blockchain-company\">have<\/a> bank accounts. <\/p>\n<p><strong><em>Related: Laotian gov\u2019t budget expected to gain $194M from crypto miners by 2022<\/em><\/strong><\/p>\n<p>The DLak project was modelled on the Cambodian Bakong system that was launched in collaboration with Soramitsu in 2020. That system was not described as a CBDC. The Bakong system garnered 200,000 users within months and began experiments with cross-border transactions in 2021. <\/p>\n<p>Simplifying remittances from abroad is also a goal of the DLak. In addition: <\/p>\n<blockquote><p>\u201cCBDC is a way to advance the sophistication of payment systems, as well as ensuring economic security through a local currency that does not depend on other countries.\u201d<\/p><\/blockquote>\n<p>According to Nikkei Asia, the Bakong and DLak would help maintain the stability of their respective countries\u2019 currencies while trading with China, which has introduced a digital yuan. Soramitsu stated that it is also conducting CBDC research in Fiji, Vietnam and the Philippines. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Laotian CBDC proof of concept project to launch using system pioneered in Cambodia &#8220; Japanese financial software firm Soramitsu has announced the signing of a memorandum of understanding with the Bank of the Lao People\u2019s Democratic Republic Payment Systems Department on the launch of a proof-of-concept project for a Laotian central bank digital currency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/488afe5e-4e18-4fd1-bfc0-0e1b8227807a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,117105,70934],"class_list":["post-549038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-soramitsu","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549038"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549039"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}