Hungarian Embassy and Thai Fintech Association to Jointly Explore Blockchain Technology

Image: Shutterstock

A bilateral MoU has been signed by the Thai and Hungarian fintech associations to facilitate the use of blockchain technology in their respective financial sectors. (TFA) and the Hungarian Blockchain Coalition would allow the two organizations to “share experiences, best practices and explore potentially beneficial areas for direct cooperation.” advancing local financial technology as e-commerce, mobile payments and digital currencies are growing rapidly in Thailand. Additionally, he said that 20% of the world’s crypto holders reside in Thailand, and it was ranked ninth in the 2022 Global Crypto Adoption Index released in September by analytics firm Chainalysis and crypto payments business TripleA. The National Knowledge Center for Data and Economics and the Hungarian Ministry of Innovation and Technology jointly established the Hungarian Blockchain Coalition in March 2022, while the Thai Fintech Association was established as a non-profit association in 2016 to represent the local fintech sector. , including crypto exchanges. The deal was done at the same time as Thailand’s central bank, and a few of its commercial banks participated in a test project of the central bank’s wholesale digital currency (CBDC) cross-border transaction platform. using distributed ledger technology in September. Additionally, the Bank of Thailand said in August that it intended to launch a trial program for a retail CBDC by the end of 2022 on a small scale in the private sector with around 10,000 customers. The use of “cash-like activities,” such as purchasing products or services, would be used to test digital currency. Thailand’s Securities and Exchange Commission (SEC) also imposed some limits on cryptos this year, prohibiting their use as payment methods. in March because they “could affect the stability of the financial system”. The SEC plans to ban crypto exchanges from offering or supporting digital asset storage services, which is another way the authority is tightening crypto lending platforms. In February, György Matolcsy, the Governor of the Hungarian National Bank, called for a complete ban on all crypto assets and mining within the European Union, saying it “serves illegal activities” and was “speculative”. This indicates that Hungary is taking an equally tough stance on cryptos.Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.