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Thailand and Hungary jointly explore blockchain technology

 


The financial technology associations of Thailand and Hungary have signed a bilateral memorandum of understanding to promote the adoption of blockchain technology in their respective financial sectors.


Signed by the Thai Fintech Association and the Hungarian Blockchain Coalition on Oct. 25, the MOU provides that the two associations will "share experiences and best practices, as well as explore areas that could be beneficial for direct cooperation," as stated in a Facebook post from the Hungarian embassy in Bangkok.


The president of Thailand's fintech association, Chonladet Khemarattana, said e-commerce, mobile payments and digital currencies are growing rapidly in Thailand, according to a Bangkok Post report Oct. 29, and international cooperation is needed to advance local fintech.


He also said 20 percent of crypto owners worldwide live in Thailand. The country is ranked 8th on the 2022 Global Crypto Adoption Index released in September by analytics firm Chainalysis , and crypto payments company TripleA estimates that nearly 6.5 percent of the population owns cryptocurrencies.


The Hungarian Blockchain Coalition was jointly founded in March 2022 by the Hungarian Ministry of Innovation and Technology and the National Data and Economy Knowledge Centre. The Thai Fintech Association is a non-profit organization founded in 2016. Their goal is to promote the local financial technology industry as well as cryptocurrency exchanges.


This declaration of intent came about when the Central Bank of Thailand, together with some of the country's commercial banks, participated in a trial of a cross-border transaction platform for central bank digital currencies (CBDC) using distributed ledger technology in September .


The Central Bank of Thailand announced in August that it would launch a pilot project for a retail CBDC with around 10,000 users by the end of 2022 . She wants to test the digital currency for "cash-like activities" such as paying for goods or services.

Thailand's securities regulator has imposed some restrictions on cryptocurrencies this year, banning the use of cryptocurrencies for payments in March . She gave the reason that these could “impair the stability of the financial system”.


The regulator is also cracking down on crypto lending platforms. She wants to ban crypto exchanges from offering or supporting digital wealth custody services.


Hungary has a similarly tough stance on cryptocurrencies. In February, the governor of Hungary's National Bank, György Matolcsy, wanted to have crypto trading and mining banned across the European Union , saying it "encourages illegal activities" and is "speculative."

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