Laos makes a move towards increasing its crypto-friendliness. The new development has brought the first-ever crypto exchange with an official certification in Laos. The exchange’s name is Vientiane Exchange Money, and it will only offer seven currencies – digital and traditional, at least for the time being.
Vientiane Exchange Money will officially become the first certified cryptocurrency exchange of Laos. The new exchange claims that they possess the latest technology which will allow them to provide their customers with the fastest transactions for all the currencies that they will be offering. The transactions will also be extremely accurate, as well as fully transparent.
The exchange will be located in Laos’ capital, and will represent the first certified international exchange. Its main goal is to influence the way that Laos’ citizens are dealing with money.
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This transformation of traditional views on sending payments and moving funds will come through new technology, and interesting innovations. The exchange plans to provide its users with entirely new experiences in their day-to-day lives, as well as to create new opportunities for the future.
One part of these innovations will also include a new line of ATMs, that is supposed to go live on July 1 of this year. They will offer various functionalities, including the option to exchange cryptocurrencies. The currencies that are going to be included are Bitcoin, US dollar, Unit, Thai baht, Russian ruble, Lao kip, as well as Singapore dollar.
The Uncertainty Regarding The Exchange’s Future
Despite the fact that Vientiane is quite an important development for this country, its future is still very debatable and uncertain. The uncertainty regarding what is going to happen is mostly inspired by what happened to Lao Security Exchange. This was an exchange that was created by the Lao government back in 2010.
The exchange received a lot of financial, as well as technical help from Thailand and South Korea at the time. However, the problem emerged when it became clear that the local firms are not exactly planning to make any moves that would bring them any closer to the platform. Even now, there are barely seven companies that are listed, and their trading volume consists of barely 503 million Lao kips, which is approximately $60,000.
Still, the interest in the crypto world in Laos is definitely growing, and Vientiane is not the only one that is trying to enter the crypto world. Another project from last year, called the Bananacoin, attempted to start an ICO. And, since Laos is pretty well-known for its bananas, the ICO attempted to offer coins that would be backed by these very bananas.
The deal had one kilogram of Lady Finger bananas being equal to one unit of the crypto. The ICO actually did far better than expected, and has managed to sell around 6.8 million coins, despite the fact that many believed that the entire thing was a scam. Still, they were offering up to 14 million coins, and managed to sell less than half.