The small South-East Asian nation of Laos now has its first cryptocurrency exchange in the form of Vientiane Exchange Money.
Vientiane is the capital of Laos and so the logical choice of location for the new business venture. Vientiane Exchange Money will facilitate the buying and selling of two cryptocurrencies and five fiat currencies initially – Bitcoin (BTC), Universal Currency (UNIT), US dollar (USD), Singapore Dollar (SGD), Thai Baht (THB), Russian Ruble (RUB) and Laotian Kip (LAK).
The company’s slogan is ‘Best Exchange, Best Technology’ and they hope to offer the latest technology to provide accurate, transparent, fast and accountable processes. They also plan to start installing ATM machines across Laos from July 1st, offering the withdrawal of its seven available currencies.
This is not the first foray into digital assets related to Laos. Last year, a company called Bananacoin ran an ICO offering tokens that were apparently backed by bananas grown in Laos and exported to China. The project suffered some controversy and some scam accusations but still managed to sell about half its tokens.
The Laotian economy is one of the weakest and least developed in South East Asia, with its official Security Exchange only listing seven companies and trading less than $60,000 a day on average. Hopefully, new initiatives such as these promoting cryptocurrency can inject some interest into the country’s flagging economy.
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