Thailand Collaborates with Hungary to Jointly Explore Blockchain Technology

• Blockchain Council
• May 03, 2024

Hungary and Thailand plan to jointly explore innovations in financial technology with the upcoming rise of cutting-edge technologies like blockchain. The recent announcements of empowering respective financial industries for both nations with the cooperation between the financial technology associations for Hungary and Thailand.

The bilateral memorandum of understanding between these two Nations urges support for innovations in financial technology by introducing web3 and Blockchain Technology to their financial Services. With this move, Thailand and Hungary look forward to decentralizing their economic system and evolving with enhanced transparency. The TFA (Thai Fintech Association) and HBC (Hungarian Blockchain Coalition) signed an MoU to “share experiences, best practices, and explore areas potentially beneficial for a direct corporation,” reported by the Embassy of Hungary in Bangkok..

Additionally, Chonladet Khemarattana, the President of TFA, said in a Bangkok post that mobile payments, e-commerce, and digital currencies are getting recognized fastly in Thailand, and an international understanding would be better to work on technologies like blockchain. His claims are strong as Thailand homes 20% alone among entire crypto holders. The nation is ranked eighth on the Global Crypto Adoption Index 2022. Surveys and Analyses from renowned ventures claim that 6.5% population to own crypto assets. 

The Central Bank of Thailand was a company sum of the other commercial banks in testing a cross-border wholesale Central Bank digital currency (CBDC) to function as a transaction platform using the block changes distributed laser technology in September. The bank also announced that it has plans to test retail CBD by the end of 2022 with approximately 10000 users in the private sector.

However, both Thailand and Hungary are still imposing restrictions on cryptocurrency, stating that they ” could affect the stability of the financial system.” Thailand’s Security and Exchange Commission and the Hungary National Bank are both re-sounding on this pact.

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