Hungary & Thailand Fintech Association to join hands on blockchain

An (MOU) has been signed by Thailand’s & Hungary’s fintech associations to facilitate the use of blockchain technology in
their respective financial sector which would allow the organizations to “share experiences, best practices, and explore areas
potentially beneficial for direct cooperation.”

According to the Bangkok Post article on October 29, 2022, international cooperation is required to advance because e-commerce, mobile payments, and digital currencies are expanding quickly in Thailand.

It was stated that around 20 percent of the world’s crypto holders reside in Thailand, and it was ranked ninth in the 2022 Global Crypto Adoption Index.

Thailand’s central bank participated in a cross-border central bank digital currency (CBDC) transaction platform testing project using distributed ledger technology in September.

The Bank of Thailand is also intending to launch a trial retail CBDC by the end of 2022 on a small scale using “cash-like activities,” such
as making purchases of products or services, would be used to test the digital currency.