Thailand and Hungary Partner to Explore Blockchain Technology

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The financial technology associations of both the Thailand Fintech Association (TFA) and the Hungarian Blockchain Coalition (HBC) have signed a Memorandum of Understanding (MOU) to help bring out the best in blockchain technology in their countries. 

The agreement was signed during the first edition of the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together”.

According to a Facebook post by the Embassy of Hungary on October 26, the cooperation will see both organizations share many experiences. Also, they will explore ideas that will benefit and enhance the growth of the blockchain industry.

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Furthermore, another post on October 29 revealed the need for cooperation between the two firms. Digital financial services such as e-commerce, mobile payments, and digital currency in Thailand are growing swiftly. As such, the country has about 20% of the world’s cryptocurrency holders, hence the need to continuously develop financial technology.

Notably, the MoU signing is another milestone of financial stability for both countries. Without a doubt, the partnership between both countries is getting stronger as things progress.  Last month, Sethaput Suthiwartnarueput, Thailand governor, took part in a Budapest Eurasia Forum conducted by the Hungarian Central Bank. 

Thailand and the Cryptosphere

Meanwhile, Thailand has shared plans to launch its digital currency later this year. To make this happen, the Bank of Thailand (BOT) is working with two commercial banks (Bank of Ayudhya and Siam Commercial Bank) . This digital baht will be tested by 10,000 retail users for online and offline transactions such as fund transfers, deposits, and withdrawals.

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Also, Thailand regulators joined regulatory bodies around the world to call for a clear set of regulations for advertising practices in the crypto industry.  To this effect, the Securities and Exchange Commission of Thailand (SEC Thailand) ordered cryptocurrency companies operating in the nation to clearly and conspicuously explain the risks of investing in virtual tokens and other forms of cryptocurrency while advertising their products and offerings.

The regulator also planned to ban the use of digital currencies for use as payment for goods and services in the country earlier in the year.

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