Laos' Prime Minister Siphandone stated that the country's lofty ambitions would be realized by infusing blockchain in official processes, including record keeping and other administrative purposes.
The proof-of-concept plan dubbed "Digital Lao Kip (DLak)" will explore the possibilities of a retail central bank digital currency existing with other payment options in Laos.
Laos has licensed six block reward miners, and according to one government official, they should bring in close to $200 million in revenue, 7% of the GDP.
Laos wants to remind its citizens that it really doesn’t like cryptocurrencies, and they’re illegal too.
The Bank of Laos cautioned the public to exercise caution when dealing with cryptocurrencies, saying current laws refute cryptocurrencies as payment instruments.
