On 27 January 2022, the Ministry of Technology and Communications ("MTC") and Lao VIP Investment Development SOLE Co., Ltd. ("Lao VIP") signed the Digital Property Business Pilot Agreement. The signing of this agreement is in line with the Prime Minister's guidance on digital asset exploration in Lao PDR, as well as the implementation of the vision, strategy and national digital economy development plan recently approved by the National Assembly.
Mr. Keonakhone Xaysulian, Director General of the Department of Digital Technology of MTC, said: "Currently, the Fourth Industrial Revolution is a global trend spreading around the world, such as Blockchain or data binding group is a technology that is emerging in the globalization and investment in the global economy 4.0. With the unique features of Blockchain enabling electronic value exchange through computer networks, digital asset transactions have resulted in the creation of cryptocurrencies and digital tokens to be traded or exchanged. For Lao PDR, there is potential in terms of electricity, which is currently generated in our country, but there is still some electricity that cannot be exported. Therefore, it can be seen that the efficient use of electricity generated to generate revenue for the country can also create a stable revenue base, a source of monetary revenue that can increase the government's treasury. In order to conduct such business, our government, as well as the relevant ministries and departments, have issued regulations governing, encouraging, tightening and enforcing the law in order to facilitate domestic entrepreneurs".
During the signing ceremony, Ms. Viphaphone Konsin, President of Lao VIP noted that "the signing of this agreement will be beneficial in encouraging the business sector to be strong and create jobs for the Lao people as well as a way to increase revenue to the state budget and export electricity in place".
At the ceremony, Lao VIP fulfilled its obligations to pay US$500,000 to the Lao Government for the issuance of the Patent of Digital Property Exploitation License. In addition, Lao VIP also donated LAK500,000,000 to MTC to support the management of digital asset management activities in Lao PDR.
