Blockchain for Banking News

Soramitsu partners with Laos on second CBDC project in ASEAN

laos digital currency kip

Today, Japanese blockchain firm Soramitsu announced it has signed an agreement with Laos’ central bank, the Bank of the Lao P.D.R, to commence research into a central bank digital currency (CBDC).

This partnership marks Soramitsu’s second foray into the south-east Asian market for a blockchain digital currency solution, the first being Cambodia, which launched its Bakong payment system in October 2020. 

Low levels of financial inclusion are a problem for Laos. The country was hit particularly hard by the pandemic, during which local districts were not equipped to provide cash relief handouts. Government response was also hindered due to outmoded methods of documentation, which exist largely in the form of paper-based family books. 

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