Laos CBDC

Research → Proof of concept

Main motivation/goals of the CBDC: Study will focus on the capacity of central bank digital currencies to contribute to inclusive economic growth in Laos. → The objectives of a CBDC implementation by the Bank of the Lao PDR are: 1) Financial inclusion to the broader population, in order to provide digital financial services to people who do not have access to bank accounts; 2) Cross-border remittances, to reduce remittance times and costs from migrant destinations such as neighboring countries; 3) CBDC 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.

Link to announcement: soramitsu.co.jp

Main motivation/goals of the CBDC: Extend the reach of its currency, the kip, as a digital Chinese yuan looms as a potentially powerful presence in the Southeast Asian nation with close economic ties to China. → Study will focus on the capacity of central bank digital currencies to contribute to inclusive economic growth in Laos.

Link to announcement: soramitsu.co.jp

None → Research

Announcement Year: 2021

Retail/Wholesale: Retail

Technology Provider: Soramitsu

Description: Soramitsu will undertake the Laos study, which will asses the role of banks and other intermediaries and the country's needs for financial inclusiveness, among other areas. If Laos decides to issue a digital currency, Soramitsu may play a role in its development.

Main motivation/goals of the CBDC: Extend the reach of its currency, the kip, as a digital Chinese yuan looms as a potentially powerful presence in the Southeast Asian nation with close economic ties to China.

Link to announcement: asia.nikkei.com

Country / Region: Laos

Central Bank(s): Bank of the Lao P.D.R