According to Cointelegraph, the two platforms are expected to share experiences and practices and look into areas that might benefit from direct cooperation under the terms of the agreement that was signed on October 25, 2022, between the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition.
According to Cointelegraph, the financial technology organizations for Thailand and Hungary have signed a bilateral Memorandum of Understanding (MOU) to assist the adoption of blockchain in their respective financial sectors.
According to Cointelegraph, the two platforms are expected to share experiences and practices and investigate areas that could potentially benefit from direct cooperation under the terms of the agreement signed on October 25, 2022, between the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition. E-commerce, mobile payments, and digital currencies are expanding in Thailand, according to Chonladet Khemarattana, president of TFA, who also emphasized the need for international cooperation to advance financial technology.
In addition, Khemarattana asserted that 20% of the world’s cryptocurrency holders reside in Thailand, which ranks eighth on the 2022 Global Cryptocurrency Adoption Index published in September of that year and is estimated to have a 6.5% cryptocurrency ownership rate by analytics company Chainalysis and cryptocurrency payments company TripleA.
According to data provided by Cointelegraph, the National Data and Economy Knowledge Center and the Ministry of Innovation and Technology of Hungary collaborated to form the Hungarian Blockchain Coalition in March 2022. The TFA, a non-profit organization founded in 2016, aims to represent the local financial technology sector, including cryptocurrency exchanges. The agreement is thought to have been reached as a result of discussions between the central bank of Thailand and a few of its commercial banks regarding the testing in September 2022 of a platform for cross-border wholesale central bank digital currency (CBDC) transactions using distributed ledger technology (DLT).
The Bank of Thailand said in August 2022 that it intended to launch a limited-scale retail CBDC in the private sector by the end of 2022 with around 10,000 customers.
Additionally, Cointelegraph pointed out that Thailand’s Securities and Exchange Commission (SEC) has imposed several limits on cryptocurrencies this year, and that due to potential effects on financial stability, it will ban the use of cryptocurrencies for payments in March 2022.
