Taiwan not rushing into CBDC issuance following prototype build

Wallets belonging to the defunct Japanese Bitcoin exchange Mt. Gox have transferred over 140,000 Bitcoin (BTC), valued at approximately $9 billion, to an unknown address.  Sell-off fearsThis significant movement began in the early hours of Tuesday morning in Asia, marking the first such transfer from Mt. Gox’s cold wallets in over five years. Julio Moreno, head of research at CryptoQuant, initially confirmed that 12,239 Bitcoin had been transferred from Mt. Gox over the course of an hour. A short time later, he provided an update on X, stating:"All coins have been transferred to a new address." Despite market disquiet, the prevailing view which subsequently emerged is that the transfer is believed to be part of a plan to distribute assets back to creditors before the October 31, 2024 deadline. Alex Thorn, head of research at Galaxy Digital, shared his perspective on X, suggesting that most of the transferred Bitcoin would likely be held by creditors rather than being sold on the open market. Despite these reassurances, the market reacted negatively for a time. Bitcoin's price dropped by 1.4% since the start of Asian trading hours, falling to a low of $67,680 from a Monday high of over $70,000.Photo by Kanchanara on UnsplashNo Bitcoin FiresaleTo quell fears of a massive Bitcoin sell-off, Mark Karpeles, the former CEO of Mt. Gox, addressed the situation on X. He stated: “As far as I know, everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year. There is no imminent sale of bitcoins happening." Rehabilitation trustee Nobuaki Kobayashi also issued a press release, clarifying that no sale of Bitcoin or Bitcoin Cash (BCH) had taken place. He assured that the group was "managing bitcoin and bitcoin cash in a secure manner." Wallet activity reveals that these movements were executed through thirteen transactions. A test transaction worth $3 was made on May 20, followed by another smaller transaction of $160 early Tuesday. The remaining transactions varied from $1.2 million to $2.2 billion worth of Bitcoin. Bitinfocharts data shows that all of Mt. Gox's Bitcoin has now been consolidated into a single wallet. A long road to repaymentIn September 2023, Mt. Gox’s trustee announced that the repayment deadline had been extended by 12 months to October 31, 2024. It looked like repayments were imminent in November. However, those communications referenced cash repayments rather than the distribution of Bitcoin and Bitcoin Cash. Some cash repayments had started in December 2023. Speculation in January that the bankruptcy estate would begin the distribution of Bitcoin led to market fears of the impact that would have on the Bitcoin unit price. The extension provided a longer timeframe for preparing the distribution of assets to creditors. Mt. Gox, launched in 2010, quickly rose to prominence, becoming the largest Bitcoin exchange by 2013, handling 70% of all Bitcoin trades worldwide. However, the exchange faced a dramatic downfall in early 2014.  It suspended trading and stopped all withdrawals after losing hundreds of thousands of Bitcoin in a hack. Subsequently, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 Bitcoins. Creditors have been waiting for repayment ever since.

Metaverse Expo 2023 in Seoul: Exploring the Future of the 3D InternetThe Metaverse Expo 2023 is scheduled to be held at the COEX, an exhibition and convention venue in Seoul, from June 14 to 16, according to a press release. With its focus on the future of the three-dimensional Internet, this event seeks to attract metaverse enthusiasts eager to explore cutting-edge technologies. This year, the “Metaverse + Generative AI Summit” will run alongside the expo, showcasing the diverse applications of generative AI in enhancing efficiency within the metaverse.Photo by julien Tromeur on UnsplashKorea’s strategy for metaverse promotionIn February last year, the Korean Ministry of Science and ICT revealed a metaverse promotion strategy involving a comprehensive support plan of 237 billion KRW ($179.6 million). This initiative seeks to cultivate an augmented reality ecosystem by developing metaverse platforms, fostering metaverse companies, and aiding their international expansion.The expo will host exhibits centered around four key topics: metanomics, digital twins, education, and NFTs. Attendees will explore innovative business models, learn about the replication of physical objects in the virtual realm, discover the potential of the metaverse in reshaping educational approaches, and understand the role of non-fungible tokens in establishing digital ownership.Side events to support businessesIn addition to the main exhibits, the expo will host various side events such as export and investment counseling sessions, new product presentations, and seminars. In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA), a consultation program will be offered to encourage overseas buyers to engage with Korean companies. This program aims to support Korean businesses in promoting their products and services overseas, as well as connecting them with new buyers and investors who can contribute to their growth and expansion.Previously known as the Seoul VR-AR Expo, this event has been an annual feature since 2018, with VR representing virtual reality and AR representing augmented reality. In line with evolving industry trends, the event was rebranded to the “Metaverse Expo” in 2022. This year’s event will mark its sixth running, further cementing its role as a beacon for developments in the rapidly advancing metaverse landscape.

Mercari, one of Japan's leading e-commerce platforms, has declared its intention to accept bitcoin payments starting from June of this year. The decision, which was reported by Japanese financial media outlet Nikkei on Friday, outlines that the processing of bitcoin payments will be managed through Mercari's Tokyo-based crypto subsidiary, Melcoin.Photo by Dmytro Demidko on UnsplashSeamless BTC conversionIt's noteworthy that Melcoin will convert all BTC payments into yen, ensuring vendors receive fiat currency despite the buyer's choice of bitcoin for payment. While the company won't display prices in bitcoin, listing items for sale in fiat yen, customers will have the option to select BTC as a payment method during the purchase process on the platform. In recent months, Mercari has introduced various crypto-related products, including the Mercari bitcoin crypto trading service. This service allows users to buy and sell bitcoin using the proceeds from their sales on the platform. The integration of a loyalty points system further enhances the crypto trading experience, enabling Mercari users to exchange their points for bitcoin. Remarkably, Mercari announced that its bitcoin trading service surpassed the 1 million user milestone in October, just seven months after its launch. At the time of the launch of the trading service, the company outlined that it would “make bitcoin more accessible to people who have never tried crypto trading before.” Notably, around 80% of the crypto users on Mercari had no prior experience with crypto-asset trading in June of the previous year. Expanding its crypto-related offering to include bitcoin payments unleashes much more potential relative to crypto adoption. 22 million monthly usersEstablished in 2013, Mercari has evolved into Japan's largest community marketplace platform, boasting 22 million monthly users as of July 2023. It’s a flea market application, making it a consumer-to-consumer platform that could play a significant role in bringing about bitcoin adoption in Japan among ordinary people. The company has also expanded its footprint internationally, with a particular focus on Europe. Market observers have labeled Mercari's crypto service, along with a competitor operated by Rakuten, as a potential "gateway" for bitcoin and crypto investors and traders. Rakuten, another major Japanese e-commerce platform deeply involved in the crypto space for an extended period, operates the Rakuten Wallet crypto trading service. Like Mercari, Rakuten has integrated its loyalty points program with its crypto arm, allowing users to trade their points for crypto-assets. Rakuten had also emerged last year among a shortlist of Asian companies expressing an interest in purchasing failed crypto exchange FTX. A recent survey highlighted the growing influence of these e-commerce giants in the crypto space. Japanese individuals who entered the coin trading scene towards the end of 2022 overwhelmingly favored either Mercari's bitcoin trading app (24.7%) or Rakuten's Rakuten Wallet platform (24.2%). This revelation dealt a blow to traditional crypto exchanges, with bitFlyer, the long-standing market leader, securing the third position with a share of 11.3%. This move contributes towards a more progressive crypto environment in Japan, where lawmakers recently indicated a willingness to consider making tax rules more accommodative of the crypto sector.