The blockchain technology has reached a level of development and acceptance that makes it clear that it has become a strong factor in international economic competition, and its application can be a strategic goal for the world's leading economies. Its global economic significance is partly due to the fact that, as a distributed ledger technology, it can serve as the basis for cross-border autonomous systems, which promotes the functioning of supply chains.
There is an opportunity for Hungary to gain an internationally valuable position, which can be put in the service of economic development.
The integration of the fintech sector
In the financial sector, significant developments have taken place on an international scale in the past decade. Digitalization and emerging new technologies, which have particularly brought breakthroughs in electronic payment services, have brought fundamental changes to traditional financial services.
In 2019, the Digital Success Programme evaluated the sector's position and determined the pillars and objectives that facilitate successful utilization of the benefits of financial digitalization by Hungarian citizens and businesses in a separate strategy (Hungarian Fintech Strategy). The Fintech Salon event series, which has reached its 16th occasion, showcases innovations in the financial ecosystem.
The Coalition held its founding meeting on March 8, 2022, where 47 organizations joined. The founders include public sector actors, higher education and scientific institutions, professional organizations, and market enterprises (currently 58 members, constantly expanding).
At its first plenary meeting on June 9, 2022, the Coalition decided to form working groups. In the fall of 2022, the Coalition developed its action plan and strategic plan, which is included in the Ministry of Economic Development's 2023 presentation work plan.
The Blockchain Coalition fulfills sub-tasks through working groups for the creation of the legal framework, international relations, education, and supply chain aspects.
The financial aspect deserves special mention because the majority of cryptocurrencies operate on blockchain-based systems, so it is inevitable to consider whether a particular state takes a supportive or restrictive approach to regulation. The United Kingdom and the United States have specifically chosen a supportive approach taking into account economic competitiveness considerations