Matrixport forecasts SEC bitcoin ETF rejection

Indonesia Set to Launch National Cryptocurrency Exchange in JulyThe Indonesian government is pushing forward with its long-awaited plan to introduce a national cryptocurrency exchange, which will be accessible to citizens in the coming weeks.Photo by Bisma Mahendra on UnsplashJuly launchAccording to a report from Tempo, Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, has announced that the national crypto exchange will be launched in July.Didid Noordiatmoko, the head of Bappebti, revealed that all cryptocurrency transactions in Indonesia will be exclusively permitted through the national exchange. He confirmed that the agency has recently finalized discussions on stock exchange rules, which include the implementation of Know Your Customer (KYC) procedures. Noordiatmoko also mentioned that the exchange will offer trading services through an integrated application, which has already undergone testing by CFTRA.Plan delaysThe launch of the national cryptocurrency exchange was initially planned for June 2023 but faced delays, following a previous postponement from the original target of December 2022. The project gained traction in 2021 when a government-backed Indonesian telecoms company announced a partnership with Binance to develop a joint cryptocurrency exchange.According to the latest report, Bappebti intends to restrict cryptocurrency sales to local transactions while aligning with global market trends. Approval from Bappebti will also be required for cryptocurrency prices on the exchange.Bappebti has informed Trade Minister Zulkifli Hasan about the progress of the national exchange. Noordiatmoko stated that unless further instructions are received, Bappebti will proceed to issue the necessary permit, allowing licensed traders one month to join the exchange.As of earlier this year, Indonesia had around 383 tradable crypto assets and ten local coins, with an additional 151 assets and ten coins under review by Bappebti.Indonesia’s central bank has released a white paper outlining its digital currency plans and approved a law classifying cryptocurrencies and digital assets as regulated financial securities. It has shown a level of support for digital assets albeit with an eye towards maintaining strict control. It has taken the lead in classifying 501 crypto assets, including BTC, ADA, BUSD, DOT, XTZ, and SAND, as commodities, setting an example that other nations may follow.Crypto is not permitted as a means of payment in Indonesia and in May the Governor of Bali warned foreign visitors against using it as such.In 2022, Indonesia’s trade ministry reported approximately 14 million cryptocurrency traders, surpassing the number of stock traders at 9 million. Meanwhile, the total trading value fell from 859 trillion rupiah in the previous year to around 300 trillion rupiah ($19.2 billion).Indonesia has been supportive of de-dollarization initiatives and the aspirations of BRICS nations to promote non-US fiat currencies. In April, the governor of the Bank of Indonesia, Perry Warjiyo, announced the introduction of the Local Currency Transaction (LCT) as part of Indonesia’s currency diversification strategy, aligning with the BRICS countries.

KOMSCO and KEPCO Cooperate on Blockchain TechnologyKorea Minting and Security Printing Corporation (KOMSCO) and Korea Electric Power Corporation (KEPCO) have recently agreed to cooperate on blockchain technology, as well as other information and communication technology, according to a press release by KOMSCO.©Pexels/Savvas StavrinosConnect and develop modelLast Thursday, KOMSCO held a seminar on tech cooperation with KEPCO in Daejeon, home to many Korean government agencies. At the seminar, both sides decided to embrace a connect and develop model, which is more advantageous than closed research and development models in terms of agility and cost-effectiveness.Digital transformationThe two agencies possess a wealth of advanced technologies: KOMSCO excels in NFT authentication and blockchain-based payments systems, while KEPCO holds a competitive edge in blockchain platforms. Both parties will explore various ways to collaborate in these areas to promote Korea’s digital transformation.More stable electricity gridFurthermore, KOMSCO is continuously expanding infrastructure for information technology, and deploying its security solutions to KEPCO is expected to bolster the stability of the country’s electricity grid.

BC Card Launches Innovative Card Payment NFT ServiceSouth Korean credit card issuer BC Card announced Wednesday (local time) that it has launched a non-fungible token (NFT) issuance service linked to card payments — the first of its kind in the country — marking a significant step in the financial industry’s adoption of blockchain technology.Photo by rupixen.com on Unsplash“The digital finance market is an area of technology and imagination, and it will continue to grow in various ways,” said BC Card Director Lee Sang-jun. “We are pioneering the industry by introducing payment-linked utility NFT services for the first time.”Revolutionizing the use of NFTsTypically, NFTs are primarily used to prove the uniqueness of digital assets based on their non-replicability, but the card issuer has now integrated them into card payments. This service offers customers proof of payments in the form of NFTs along with various other benefits.BC Card has been preparing for the NFT market to pick up momentum since 2021. After rigorous internal testing, it first developed and opened its own NFT wallet dubbed “NFTbooc” on the private Ethereum network in April last year. Since then, the NFT wallet has been improved to be more user-friendly. Notably, it was integrated into BC Card’s financial platform PayBook in order to provide customers with a more convenient means to check their personal NFT holdings and participate in events.The credit card company also issued limited edition NFTs through NFTbooc to celebrate the 40th anniversary of its foundation last year, making them available for both customers and employees. Even during the ongoing crypto winter, the company has continued efforts to integrate NFTs into customer services by facilitating NFT-based payments and emphasizing their technological value.Boosting customer engagementTo celebrate the launch of the newest service, BC Card is also holding a special event for customers until December 31. Each participant will receive random missions, such as using their card within a specific time slot or at a specific store and engaging in a minimum number of transactions. Those who complete the challenges will be airdropped certificates of completion minted as NFTs after the event is closed with the chance to win cashback rewards of up to 100% of the amount of money that they spent during the challenge.The card issuer plans to hold two additional events, which will be outlined on the PayBook and NFTbooc event pages.The card company has also applied for three NFT-related patents this year, including one for issuing NFT receipts for secondhand transactions and asset certification NFTs that can be used to prove asset details in the event of a system failure at a given financial company.