Vientiane Exchange Money has become the first certified cryptocurrency and fiat money exchange to open its doors in Laos. The company is engaged in offering transaction services in seven currencies. The move will play a key role in improving the lives of the people by offering them new experiences as well as opportunities.
Automated Teller Machines
After launching its operations in Laos, Vientiane Exchange Money has also announced that it will be launching a new line of ATMs. The first batch of machines is expected to be installed on the 1st of July, 2018. The company says these machines have been equipped with features that facilitate cryptocurrency exchange.
Bright hopes, Uncertain Future
The announcement by Vientiane is pivotal to the South Asian country. However, it may be far from seeing a bright future considering the fate of Lao Security Exchange. The Lao Security Exchange was established in 2010 by the government of Lao with financial and technical assistance from Thailand and South Korea. However, the platform has not managed to attract local companies to join it. Currently the exchange only has seven companies and has a daily trading volume of around only $60,000.
Laos bananas tokenized
Although VEM is the first exchange legally allowed to deal in cryprocurrencies, it is not the only project in the country that focuses on digital currencies. Last year, Bananacoin launched an ICO, in which it offered tokens backed by bananas that are grown in the country’s plantations. In the ICO, one token was equal to one kilo of Lady Finger bananas exported to China. Although the ICO was embroiled in several controversies and scam accusations, the team managed to sell 6.8 million tokens out of the 14 million it had floated.