Hungary and Thailand have agreed to share expertise in distributed ledger technology (DLT), the study and implementation of which will potentially form the basis for direct financial cooperation between the countries.
The Hungarian Blockchain Coalition (HBC) signed a bilateral Memorandum of Understanding (MOU) with the Thai Fintech Association (TFA) to explore blockchain technologies and further introduce them into the countries’ financial sector. This is according to a Facebook post by the Embassy of Hungary in Bangkok.
The joint efforts of the two organizations are expected to focus on sharing best practices in blockchain. The initiative aims to introduce innovative DLT-based technologies to the countries’ traditional financial institutions and will also be the basis for further “direct cooperation” between the financial sectors of Hungary and Thailand.
Chonladet Khemarattana, TFA President, believed that international cooperation would accelerate e-commerce, the mobile payment market, and the crypto sector development.
Notably, the HBC is a government initiative created by the Hungarian Ministry of Innovation and Technology together with the National Data and Economy Knowledge Centre. Meanwhile, the TFA is a non-profit organization established to provide crypto services in Thailand.
Recall that although Thai authorities see digital assets as a threat to the country’s financial system, Thailand was ranked eighth in the ranking of countries with the highest crypto adoption rate in 2022 and also found to be the country with the greatest number of NFT users.
Thailand’s oversight of the cryptocurrency market has been generally strengthened this year. For example, local crypto platforms were banned from providing staking and lending services for cryptocurrencies. At the same time, the Bank of Thailand (BOT) announced the launch of a retail CBDC pilot and participated in the successful testing.
