Web3 firm AIITONE rebrands as BU Technology, adding new business objectives

Bali Governor Warns Tourists of Consequences of Crypto UseAuthorities in Bali have issued a stern warning to foreign tourists, cautioning against the use of cryptocurrencies as a means of payment.Bali Governor Wayan Koster delivered the message during a tourism development press conference on Sunday, stating that individuals who pay with crypto or violate other regulations could face severe consequences, including deportation, criminal penalties, or strict sanctions.Photo by Alfiano Sutianto on UnsplashCrypto use “dealt with firmly”According to reports from state-owned Indonesian news agency Antara, Governor Koster emphasized the need for firm action against foreign tourists who engage in inappropriate behavior, violate their visa permit conditions, attempt to use cryptocurrencies for transactions, or infringe upon other provisions. Koster stated that tourists that violate Indonesian law and use cryptocurrency for payment “will be dealt with firmly.”Indonesian law mandates that all transactions within the country must be conducted in the local currency, the rupiah. Individuals found using alternative currencies can face imprisonment of up to one year and fines of up to 200 million rupiah ($13,300). These regulations were initially implemented to safeguard the rupiah from the widespread use of the U.S. dollar in the country.‘Silicon Bali’In recent years, however, Bali has emerged as a popular destination for crypto enthusiasts, earning the moniker of ‘Silicon Bali.’ The island has witnessed the rise of cryptocurrencies, with the local crypto community even establishing physical spaces such as the clubhouse set up by Indonesian exchange Tokocrypto.While the use of cryptocurrencies as assets is permitted in Indonesia, their use as a form of payment is strictly prohibited. The country also imposes restrictions on individuals engaging in foreign exchange business activities, requiring them to obtain permission from Bank Indonesia.During the press conference, Governor Koster reiterated the regulations, emphasizing that violations would result in administrative sanctions, including written reprimands, fines, and prohibitions on payment transactions.This latest announcement is part of ongoing efforts to curb negative tourist behavior on the island. Bali, heavily reliant on tourism, experienced significant setbacks due to the COVID-19 pandemic and subsequent travel restrictions. With the return of international visitors, new challenges have emerged.Earlier this year, Governor Koster proposed a ban on tourists using motorbikes following numerous traffic violations and accidents. Concerns have also been raised regarding tourists disrespecting local traditions by posing nude in sacred sites or engaging in digital nomad activities without obtaining proper visas.Policy strugglesThe firm stance taken in Bali on cryptocurrency payments aligns with the local administration’s commitment to upholding local regulations and maintaining the stability of the national currency. However, the Governor’s response is further evidence of the struggles that centralized governments and administrations around the world have been having in understanding decentralized cryptocurrency. The default position of many centralized governments has naturally enough been to control it.For that reason, we have seen administrations in places like India who have changed tact several times, sometimes banning crypto while at other times, permitting it. As time goes on, central administrators are beginning to realize that they can’t control it fully. They can only slow down its rate of progress at best.Over the course of the past 26 years, the Southeast Asian country’s sovereign currency has averaged an inflation rate of 9%, peaking in 1998 at a rate of 82%. Against that background, there’s likely to be an ever-growing interest in using decentralized cryptocurrency in the country.

South Korea's central bank governor has called for tokenizing government bonds and other assets, telling global peers that moving sovereign debt onto a shared digital ledger could reinforce monetary policy and financial stability. Speaking at the European Central Bank's annual forum in Sintra, Portugal, Bank of Korea Governor Hyun Song Shin said central banks should look beyond tokenizing money and deposits to assets such as government bonds and equities, according to Korea Economic Daily TV. He made the case in a paper titled "A unified ledger in practice: lessons from Project Hangang," based on the BOK's pilot of the same name. Shin described a unified ledger as a blueprint for a future monetary system: central bank money, bank deposits and assets sharing one programmable platform. In an asset trade, payment and settlement sit on that single platform and clear at once, so ownership changes hands the instant payment is made.Photo by Markus Winkler on UnsplashTokenized bonds as a policy toolIn the pilot's first phase, launched in October 2023, the BOK and commercial banks issued a wholesale central bank digital currency and tokenized bank deposits to test the concept, which is drawn from the Bank for International Settlements. Shin said the exercise showed deposit tokens could serve as a new means of payment, and that programmable rules could stop funds being misused the moment a transaction is made. Putting sovereign bonds on such a ledger, he added, would reinforce the bank's key mandates of monetary policy and financial stability. A second phase, due in the second half of this year, will apply those programmable features to government spending, beginning with electric-vehicle charging subsidies and public-sector expenses. Shin also floated linking the system to Project Agora, a cross-border settlement effort backed by seven central banks, to clear foreign-exchange and securities trades in a single step and widen international use of the Korean won. Regulators eye exchange banking rulesBack home, the Financial Services Commission (FSC) moved on two fronts of its own. The regulator has begun canvassing won-based exchanges and their partner banks about the practice of tying each exchange to a single bank for real-name accounts, Financial News reported. At issue is whether the current setup could handle an influx of institutions as authorities prepare to open the market to companies. Currently, crypto exchange Upbit works only with Kbank, and Bithumb only with KB Kookmin. Regulators are now weighing whether to loosen this one-to-one arrangement, letting one exchange use several banks or one bank serve several platforms, and separately whether to route crypto services through securities firms' trading apps. The FSC also referred two manipulation cases to prosecutors, Maeil Business Newspaper reported. In the first, a whale spent tens of billions of won (tens of millions of dollars) to corner about half the global supply of a token listed at home and abroad, pumping its price on an overseas venue over roughly two months before using arbitrage to lure Korean buyers. The trader lost money offshore but booked bigger gains at home, concentrating the damage on local investors. In the second, a trader loaded up on a domestically issued "kimchi coin," then used an API to fire repeated buy and sell orders within a single second and posted inflated bids to push the price up before selling into the demand. The FSC urged investors not to chase coins that spike without clear cause, warned of pump-and-dump schemes, and said it would step up disclosure of activity by large holders and sharpen alerts for trading concentrated in a few accounts. 

Dunamu’s Luxury Watch Trading Platform Appoints New C-Suite ExecutivesViver, the luxury watch trading platform and subsidiary of Dunamu, the operator of South Korean cryptocurrency exchange Upbit, has recently made c-suite appointments, as reported by local news outlet News1.Photo by Jaelynn Castillo on UnsplashNew appointmentsThe new CEO of Viver, Moon Jae-yeon, brings a wealth of expertise in running online e-commerce platforms. Before joining Viver, Moon held the position of Chief Strategy Officer (CSO) at Market Kurly, an online platform famous for its early-morning grocery deliveries. Prior to that, he worked at eBay Korea for 17 years.Joining Moon is Seo Hee-sun, who assumes the role of Chief Operating Officer (COO) at Viver. Seo has an impressive background as the Business Group Manager at 11th Street, a major online shopping website in the nation, and has accumulated over two decades of experience in this field.Luxury watchesEstablished just two years ago, Viver aims to leverage Dunamu’s digital asset business know-how to set new standards for trading luxury watches, which serve as both real-world assets and investment vehicles. The appointment of these industry experts is a major step towards achieving this goal.Last year, Viver made noticeable strides in expanding its services. The platform launched its own online application service and also opened a brick-and-mortar store in Apgujeon Rodeo, a bustling hub for fashion enthusiasts in Seoul. Moreover, Viver Labs, the watch trading platform’s repair service, offers expert diagnosis and repair of watches from various high-end brands, including Rolex and Audemars Piguet.Moon has expressed his ambition to elevate Viver’s reputation to the level of renowned timepiece e-commerce platforms like WatchBox in the US and Chrono24 in Germany within the next five years. He emphasized that the company intends to take advantage of Dunamu’s cutting-edge blockchain technology and infrastructure to gain a competitive edge in the market.