Vietnam and Laos launch local currency settlement framework
Central banks also set up cross-border QR payments link
Vietnam and Laos have launched a local currency settlement (LCS) framework and a cross-border retail payment link.
The State Bank of Vietnam (SBV) and the Bank of the Lao PDR, which led the initiatives, held a ceremony to launch the two initiatives on January 9, with the respective countries’ prime ministers, Pham Minh Chinh and Sonexay Siphandone, in attendance.
The LCS framework allows businesses and individuals to use Vietnamese dong or Laotian kip to make payments and transfer money between
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