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- The pact between the two nations’ will see cooperation on technology
- E-commerce, & mobile payments are growing exponentially
- 20% of the world’s crypto holders are in Thailand – Chonladet Khemarattana
A bilateral Memorandum of Understanding (MOU) has been signed by the financial technology associations of Thailand and Hungary to support the implementation of blockchain technology in their respective financial sectors.
According to a Facebook post by the Embassy of Hungary in Bangkok, the two organizations will “share experiences, best practices, and explore areas potentially beneficial for direct cooperation” as a result of the memorandum of understanding (MOU) that was signed on Oct. 25 by the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition.
Thailand and Hungary have signed a bilateral Memorandum of Understanding
According to a report published on Oct. 29 by the Bangkok Post, TFA president Chonladet Khemarattana stated that e-commerce, mobile payments, and digital currencies are expanding rapidly in Thailand and that international cooperation is required to further develop local financial technology.
He also said that Thailand has 20% of the world’s crypto holders. Chainalysis, an analytics company, released the 2022 Global Crypto Adoption Index in September.
The Hungarian Blockchain Coalition was created in March 2022 by the country’s Ministry of Innovation and Technology and the National Data and Economy Knowledge Centre.
The Thai Fintech Association is a non-profit organization that was established in 2016 to represent the local financial technology industry, which includes cryptocurrency exchanges
In September, a cross-border wholesale central bank digital currency (CBDC) transaction platform using distributed ledger technology was tested by Thailand’s central bank and some of the country’s commercial banks. This agreement comes at the same time.
In August, the Bank of Thailand also said that it wanted to start a limited retail CBDC pilot with about 10,000 users in the private sector by the end of 2022.It would use “cash-like activities” like paying for goods or services to test the digital currency.
ALSO READ: Singapore Government Wants to Prohibit Retail From Borrowing Funds for Crypto
Thailand’s Securities and Exchange Commission (SEC) has enacted some restrictions on crypto
In the meantime, the Securities and Exchange Commission (SEC) of Thailand has imposed some restrictions on cryptocurrencies this year. In March, the SEC said that cryptocurrencies could affect the stability of the financial system. It also banned the use of cryptocurrencies for payments.
The controller is additionally getting serious about crypto loaning stages, with the SEC intending to disallow crypto trades from giving or supporting advanced resource store administrations.
It appears that Hungary takes a stern stance on cryptocurrencies as well.
György Matolcsy, the head of the Hungarian National Bank, called for a blanket ban on all crypto trading and mining in the European Union in February, claiming that these activities served illegal activities and were speculative.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
