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Thailand And Hungary to Jointly Explore Blockchain Tech

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Hungary and Thailand planned to explore the blockchain technology sector. They were more than 5000 miles apart. They plan to multiply its use cases. An MoU got signed between the financial technology associations of both countries. It was for working on this initiative. Both countries have been trying to get hold of ways. It was to ease secure and safe cross-border solutions of payments. There were some of the technologies of blockchain for the majority of applications of Web3. These were such as cryptos, NFTs, and metaverse, among others.

Both countries’ industry associations have plans. It is to cooperate in implementing blockchain technologies in the financial service sector.

The two sides hope to share experiences. They want to produce ideas for alternative services as their new partner’s part.

The nations declared a blockchain pact

The two nation’s financial technology associations will work together on blockchain technology. It is to power their respective financial industries as part of the agreement.

An MOU got signed by the financial technology associations of Thailand and Hungary. It is to support the implementation of blockchain technology. It will be in their respective financial sectors.

The two organizations will “share experiences, and best practices. They will explore areas beneficial for direct cooperation”. It is a result of the MOU. It got signed in October. 25. The TFA along with the Hungarian Blockchain Coalition was there. It was as per a post on Facebook. It was by the Embassy of Hungary Bangkok. 

There was a report published on October 29th. It was by the Bangkok Post. Chonladet Khemarattana is the TFA president. He said that not only e-commerce, but mobile payments, and digital currencies are fast expanding in Thailand. He added that international cooperation is further needed for developing local financial technology.

He additionally asserted 20% of the world’s crypto holders are in Thailand, the nation put eighth on the 2022 Worldwide Crypto Reception List delivered in September by examination firm Chainalysis and payments in cryptocurrency organization TripleA assesses practically 6.5% of the populace possesses digital money,

The Hungarian Blockchain Alliance was together made by the country’s Service of Development and Innovation and the Public Information and Economy Information Center in Walk 2022, while the Thai Fintech Affiliation is a not-for-profit established in 2016 fully intent on addressing the nearby monetary innovation industry, including digital money trades.

In September, Thailand’s central bank tested a cross-border wholesale CBDC transaction platform. Some commercial banks got involved. It was using distributed ledger technology. 

In August, the Bank of Thailand said that it wanted to start a limited retail CBDC pilot. It was with almost 10,000 users in this private sector by 2022’s end. It would use “cash-like activities”. It was such as paying for goods or services to test the digital currency

In the meantime, Thailand’s SEC has imposed some restrictions on cryptocurrencies this year. In March, the SEC said that cryptocurrencies “could affect the financial system’s stability.” It also banned the use of cryptocurrencies for payments.

Yet, Thailand wants to use blockchain to prepare its fintech sector for the Web3 future. By the end of 2022, the nation that draws the most tourists hopes to begin piloting retail CBDC. Like crypto, CBDC got issued and regulated by central banks.

The SEC has plans. They will be prohibiting cryptocurrency exchanges to provide or support digital asset depository services. It will be as part of its crackdown on crypto lending platforms.

It looks like that Hungary takes a strong stance on cryptos too. György Matolcsy is the head of the Hungarian National Bank. He asked for a blanket ban on every cryptocurrency trading. He banned mining in the EU. It was in February. He claimed that these activities “served illegal activities” and were “speculative.”

Conclusion

Hungary believes it is a must to promote the current fintech solutions. They also want to establish deep cooperation with partners in this field. This is according to the Ambassador of Hungary to Thailand, Sandos Sipos. He mentioned a few things about this mission. It would recognize the need to shape trends in financial technology. He reminded me that they will be celebrating their diplomatic ties’ 50th anniversary. It will be in the next year. Sipos described the memorandum. He mentioned it as another milestone in the financial cooperation between them.

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