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Thailand and Hungary to jointly explore blockchain tech

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The Thai and Hungarian Financial Technology Associations have signed a bilateral memorandum of understanding (MOU) to support the introduction of blockchain technology into their respective financial sectors.

According to Facebook, the MOU, signed on October 25 by the Thai Fintech Association (TFA) and the Hungarian Blockchain Federation, sees the two associations “sharing experiences, best practices and potential for direct cooperation.” to explore areas beneficial to Position From the Hungarian Embassy in Bangkok.

TFA Chairman Chonladet Khemarattana said that Thailand is experiencing rapid growth in e-commerce, mobile payments and digital currency, and that international cooperation is needed to further develop local financial technology. according to In a report on Oct. 29 from the Bangkok Post.

He also claimed that 20% of the world’s cryptocurrency holders are in Thailand, and the country ranked 8th in the 2022 Global Cryptocurrency Adoption Index. Released in September By analytics firm Chainalysis and cryptocurrency payments firm TripleA Estimate About 6.5% of the population owns cryptocurrencies,

The Hungarian Blockchain Union was co-founded in March 2022 by the country’s Ministry of Innovation and Technology and the National Data Economy Knowledge Center. Meanwhile, the Thai Fintech Association is a non-profit organization he founded in 2016 with the aim of representing the local financial technology industry. Including cryptocurrency exchanges.

The agreement will allow the central bank of Thailand, along with some of the country’s commercial banks, to test cross-border wholesale central bank digital currency (CBDC) A trading platform using distributed ledger technology was issued in September.

In August, the Bank of Thailand also Launch a retail CBDC pilot By the end of 2022, on a limited scale in the private sector among approximately 10,000 users. Test digital currencies using “cash-like activities” such as payment for goods and services.

Related: Thai SEC Targets Crypto Exchange Bitkub

Meanwhile, Thailand’s Securities and Exchange Commission (SEC) has enacted some restrictions on cryptocurrencies this year. Using cryptocurrencies for payments “It could affect the stability of the financial system,” he said in March.

Regulators are also cracking down on cryptocurrency lending platforms with the SEC. plan to ban Crypto exchanges by providing or supporting digital asset custody services.

Hungary appeared to take a similarly tough stance on cryptocurrencies, with Hungarian National Bank Governor György Matrci in February stating: Total ban on all crypto trading He said mining across the European Union was “conducive to illegal activity” and “speculative”.