Laos Welcomes First Certified Cryptocurrency Exchange

Vientiane Exchange Money has become the first certified money and cryptocurrency exchange in Laos. The operator offers transaction services currently limited to seven currencies (both traditional and digital).

Vientiane Exchange Money claims to have the latest technology to ensure accurate, transparent, and fast transactions with all listed currencies. Located in the capital of Laos, this is the first international exchange certified to carry out cryptocurrency transactions. It aims to transform the way people deal with money by bringing technology and innovation to everyday life and offering new experiences and opportunities in future operations.

Apart from offering exchange services, the operator plans to roll out a new line of automatic teller machines (ATMs) starting from July 1, 2018. The ATMs will be equipped with cryptocurrency exchange functionalities, allowing customers to withdraw money and perform transactions in seven currencies: Bitcoin, Unit (Universal Currency), US dollar, Russian ruble, Thai bath, Singapore dollar and Lao kip.

Bright hopes, foggy perspectives

Vientiane is a significant development for the South Asian country, but its future may be far from bright given the fate of Lao Security Exchange. It was created in 2010 by the Lao government with technical and financial assistance from South Korea and Thailand, but local companies are not lining up to join the platform. Currently, there are only seven listed companies with daily trading volumes of 503 million Lao kips, which is about $60,000.

Laos bananas tokenized

While it may be the first Laos venue legally allowed to deal with digital assets, Vientiane Exchange Money is not the only local project to focus on the new type of money. In 2017, the Bananacoin team ran an ICO, offering tokens backed by bananas grown on Laos plantations. One token equaled one kilo of Lady Finger bananas exported to China. Despite some controversies and even scam accusations, the team managed to peddle 6.8 million tokens out of 14 million available for sale.