Milk Partners Launches Blockchain-Powered Reward Points System in Indonesia

KISA Seeks Partners for Regional Blockchain Innovation Support Center ProjectThe Korea Internet & Security Agency (KISA) announced on Monday (local time) that it is working with the Ministry of Science and ICT to recruit metropolitan local governments to participate in the 2024 Regional Blockchain Technological Innovation Support Center Establishment Project, which seeks to aid the balanced development of the nation’s blockchain industry and the exploration of technology and services.Photo by Shubham Dhage on UnsplashWith the establishment of the support center, KISA plans to seek out blockchain services linked to regional industries and provide support for the development of blockchain technology and services to foster local businesses.Funding opportunities and application processThe metropolitan local governments selected for this project will be able to leverage KRW 1.8 billion (approximately $1.3 million) in government funding as well as regional expenses to pursue activities such as verifying related services and supporting blockchain and service development through incubation, workforce training, investment endorsement and legal consultations.Applications are open to 14 metropolitan local governments nationwide, excluding those in the country’s largest cities, Seoul, Busan and Daegu. Each applicant is required to form a consortium with one local information technology and communication (ICT) organization that the government invested in or funded and submit their applications through the KISA website by December 5 at 4 p.m. KST.Envisioning the future of Korea’s blockchain industryKISA President Lee Won-tae expressed his hopes that the support centers would become central hubs for blockchain technology within regions nationwide, ultimately contributing to regional economic prosperity. “KISA will continue our efforts to promote balanced regional development and nurture the blockchain industry ecosystem,” he said.

Japanese blockchain infrastructure firm Soramitsu has been contracted by the State Bank of Pakistan (SBP) to work on a pilot program for the digital Pakistani rupee. Pakistan originally announced its intention to pursue a central bank digital currency (CBDC) or digital rupee back in 2019. However, unlike other Asian nations such as China, Cambodia and Thailand, it has not taken much action to progress such a digital currency since then.SBP Governor Jameel Ahmad spoke at the Reuters NEXT Asia Summit in Singapore last month, outlining that the South Asian country was moving towards the establishment of a digital rupee and “building up [its] capacity” to launch it, and that a pilot project would be the next step. According to a report published by Nikkei Asia on Aug. 12, that pilot project is now underway.Photo by Hamid Roshaan on UnsplashCBDC specialistSoramitsu already has a wealth of experience in this field. In 2023, it signed a memorandum of understanding with the Laotian central bank to launch a proof-of-concept CBDC project, with the Tokyo-headquartered company going on to play a pivotal role in the issuance of Laos’ Digital Lao Kip.In Cambodia, it partnered with the National Bank of Cambodia to bring about the establishment of Bakong, Cambodia’s CBDC-like payment system. The company is also involved in CBDC projects in Papua New Guinea and the Solomon Islands, while spearheading a project aimed at enabling seamless cross-border payments among Asian countries. Japanese fundingIn the case of Pakistan’s pilot project, Soramitsu’s CBDC platform will facilitate the digital rupee while funding is being provided by the Global South Future-Oriented Co-Creation Project, an initiative from Japan’s Ministry of Economy that seeks to promote the formation of co-creation business models. Infrastructure, such as the internet and power, can be unstable in some parts of Pakistan. Consequently, the proposed CBDC will incorporate the ability for the user to transact with it using their smartphone, even if the phone doesn’t have an active internet connection. Digital transformationMasato Toriya, an associate professor at Tokyo University of Foreign Studies and an expert on Pakistan, outlined the behavioral change that would be required in getting Pakistanis in rural areas to use such a currency. He stated: “Many transactions in rural areas are cash-based, even for wage payments, and the rate of people with bank accounts is low."  However, cash-based systems have significant overheads, and it's thought that a CBDC could reduce such costs considerably. Last month, the Pakistan Institute of Development Economics published an article written by Dr. Ahmed Fraz, an assistant professor of finance with the organization, in which he claimed that the digital rupee pilot project is part of a “profound digital transformation” that Pakistan is moving towards.  Dr. Fraz asserted that a CBDC would enhance financial inclusion in Pakistan through the reduction of transaction fees, digitization of welfare payments and the financial inclusion of millions of unbanked citizens within the formal economy.He added that the digital rupee “is not intended to replace existing payment systems immediately but to complement platforms” and to modernize Pakistan’s financial architecture.

DMM Crypto, the crypto exchange, blockchain gaming and NFT arm of Japanese e-commerce and internet firm DMM, has taken the decision to shut down the Seamoon Protocol. Economic zone concept projectTaking to X on Nov. 15, the project outlined that it has decided to cancel the economic zone concept project, Seamoon Protocol. The project added:”We would like to express our deepest gratitude to the business operators who have provided us with so much support thus far, as well as to all those who have placed their hopes in this project and shown us their kind support, and we would like to offer our heartfelt apologies.” The move suggests a sudden change in the fortunes of the project. As recently as last August, DMM Group had announced a collaboration with Progmat, a distributed ledger technology (DLT) platform for tokenization and stablecoins, with a view towards looking into the issuance of a stablecoin. The stablecoin was intended to act as a reserve currency, providing backing for Seamoon Protocol’s treasury pool while also acting as a price stabilization mechanism. At the time, DMM Crypto CEO Nagato Kasaki had said that the Seamoon Protocol had been launched in order to create a space “where a global community could experience DMM’s cultural universe and co-create new experiences together.” Notwithstanding that goal, no new services are planned to replace the Seamoon Protocol.Photo by Shubham Dhage on UnsplashLaunched in 2023, Seamoon Protocol ran on the DM2 Verse, a layer-2 network associated with the Oasys blockchain. DM2 Verse was designed to act as a community hub for the Seamoon Protocol, hosting NFT drops, games, tournaments and collaborations. Activity on Seamoon was powered by its own native SMP token. Changing business environmentNorbert Gehrke, a commentator on the Japanese fintech sector, outlined in a Medium blog post that Seamoon was abruptly terminated “due to recent rapid changes in the business environment that have created challenges for the project’s sustainability.” The company didn’t provide detail on the nature of the challenges encountered which impacted on the sustainability of the project. With the shutdown, issuance of the SMP token will be discontinued. Furthermore, new service applications for the Seamoon Protocol platform have been suspended. It’s unclear what will now happen with existing services which have been built on the platform. The company has suggested that this matter is under discussion.  One exception is the Kanpani Girls RE:BLOOM project, a Web3 game that was the first of five games that had been envisaged for the protocol. The company has confirmed that this project will be terminated.  In-game notices will be provided at a later stage to provide users with advice regarding refunds and compensation for game items. The game will be wound down by the end of January. Once decisions have been made relative to other services and projects, the company will make announcements on the social media channels of those affected services. DMM Crypto received investment from Neoclassic Capital last month, with a view towards pursuing a global expansion strategy.