Fake Security Tokens Linked to HD Hyundai Oilbank in Circulation

In the Philippines, the Department of Budget and Management (DBM) has introduced an on-chain system utilizing the Ethereum layer-2 network Polygon to notarize and track documentation and the expenditure of public funds. The government contracted Manila-headquartered blockchain technology company BayaniChain Ventures in order to implement the system. The firm took to social media on July 31 to provide details on the DBM Blockchain Project.Photo by GuerrillaBuzz on UnsplashBuilding trust into infrastructureBayaniChain Ventures CEO Paul Soliman outlined that the new system “builds trust into the infrastructure itself.” The DBM Blockchain Project connects a DBM internal platform, the Action Document Releasing System (ADRS), which creates official budget documentation, with the Lumen Blockchain-as-a-Service (BaaS) system created by BayaniChain.  Lumen functions as a core framework, enabling government systems to connect securely with blockchain infrastructure. Consequently, Lumen facilitates the tokenization of government documents, managing access to those documents and publishing data to a portal. A third system, Prismo Protocol, interacts with Lumen and ADRS, determining what documentation should be shared with the public and what documentation should remain accessible exclusively to DBM staff.The upshot of the interaction of these systems is that select budget documentation is published to the Polygon blockchain. Soliman stated that the system provides transparency, enabling members of the public to “see proof, not just promises” with regard to the activity of the government department. Integrating blockchain into public governanceThe Undersecretary at DBM, Maria Francesca Montes Del Rosario, took to Facebook on July 30 to confirm that the DBM blockchain initiative had gone live. She described it as the “first ever Transparency Government Blockchain for immutable and verifiable action documents.” She added: “We are using cutting edge technology like AI, blockchain, satellite imaging to enhance how we do public policy and governance.”Del Rosario was quoted by local media as stating that the technology combats the problem of AI deepfakes and fake documents. Another stakeholder in the development of the system was Exakt IT Services, a local company that specializes in assisting government organizations in the Philippines to bring about digital transformation. Exakt was awarded a contract by DBM to act as a technology partner, supporting the project with technical expertise and infrastructure in order to bring about the implementation of the blockchain solution. BayaniChain’s Soliman believes that the new system “sets a precedent for transparency and accountability in public finance.” However, the timing of the launch of the service proved to be unfortunate, as it coincided with an outage suffered by the Polygon network. The outage, which lasted for one hour, disrupted apps running on Polygon. On X, Polygon CEO and Founder Sandeep Nailwal asserted that the incident didn’t prevent the blockchain from operating or producing blocks and with that, user transactions on the network were still being processed.In better news for the blockchain network, Crypto Analyst Lennaert Snyder reported on July 31 that Polygon has reached a yearly high of $1.2 billion in total value locked (TVL), an 80% increase since March.

Thai Opposition Party Offers Election Crypto SweetenerThailand’s opposition party, the Pheu Thai Party (PTP), has made a controversial move ahead of next month’s general election by offering 10,000 baht (approximately $300) in digital assets to citizens above 16 years old in exchange for their votes.©Unsplash/Markus WinklerThe stated intention of the policy is to spread the use of blockchain-based assets and attract international digital currencies, as well as to distribute products made in Thailand abroad using blockchain technology. Prommin Lertsuridej, who runs the party’s economic policy committee has claimed that 55 million Thai citizens will benefit from the measure if the PTP wins the election.Populist policiesThe plan will cost $15 billion and it is claimed that it will serve to revive the country’s struggling economy while providing relief to those struggling with debt. Additionally other populist measures will be pursued including an increase in the minimum wage and a minimum monthly household income guarantee.The policy has been met with mixed reactions from citizens, with some welcoming the extra cash and others accusing the party of blatant, cynical manipulation. The PTP has tried to sidestep accusations of manipulation by stating that the money will be limited to spending on local economic stimulus projects. Additionally, it cannot be used for gambling or debt repayment, and must be spent within a four-kilometer radius. The party’s chief adviser on public participation and innovation, Paetongtarn Shinawatra, called this policy an attempt to draw the attention of international currencies to Thailand.New crypto regulationsThis policy announcement comes just two months after the Securities and Exchange Commission (SEC) of Thailand issued new regulations for crypto service providers. The regulations were implemented to prevent a situation similar to the recent FTX collapse and hack, which resulted in the loss of millions of dollars’ worth of digital assets. The SEC has required service providers to establish a digital wallet management system to ensure efficient custody and to have a contingency plan in case of a security breach.Unintended consequencesWhile the PTPs policy has been met with criticism, it has also been seen as a bold move towards promoting the use of blockchain-based assets and digital currencies in Thailand. By offering citizens an incentive to use digital assets, the policy may encourage more people to explore this emerging market, which has the potential to create new opportunities for investment and economic growth.Populist politics and policy comes with a heavy longer term cost. The PTPs policy may be successful in achieving its intended goals, or it could ultimately lead to unintended consequences. Regardless of the outcome, the PTPs policy is a significant development in Thailand’s growing digital asset market and may set a precedent for other countries seeking to promote the use of blockchain-based assets and digital currencies.From an international perspective, even if the move backfires economically within Thailand, ever greater use and normalization of digital assets as in this case can only lead to greater overall adoption.

Bitcoin records this year’s highest in Korean market, surpassing KRW 60MBitcoin, the world’s largest cryptocurrency, exceeded the KRW 60 million (approximately $45,700) mark in the South Korean market on Wednesday (local time), reaching its highest value of the year.So far today, the nation’s leading crypto exchange, Upbit, saw Bitcoin’s price soaring to a daily peak of KRW 60,642,000. Meanwhile, another major trading platform, Bithumb, observed Bitcoin’s value touching a daily high of KRW 60,775,000.Photo by André François McKenzie on UnsplashHighest since November 2021This is the first time Bitcoin went above the KRW 60 million mark since November 2021. Amid this development, the Kimchi premium, a term indicating the gap in crypto prices between Korean exchanges and their foreign counterparts, has exceeded 4%. According to data from crypto information platform CoinNess, at the time of publication, the average price of Bitcoin on Korean platforms is KRW 59,986,250, while the average price of Bitcoin on foreign platforms is KRW 57,605,406.Ethereum prices are also on the rise. On Upbit, Ethereum reached its highest point of the day at KRW 3,163,000, and on Bithumb, it peaked at KRW 3,162,000.Rate hike halt and Bitcoin halvingThe ongoing surge in Bitcoin’s value is widely believed to be influenced by a halt in global interest rate hikes and the anticipated Bitcoin halving event scheduled for April 2024. Additionally, the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as another significant factor contributing to the rise in the digital currency’s prices.Meanwhile, the Crypto Fear and Greed Index from software comparison platform Alternative.me currently indicates a sentiment of “Greed” with a score of 72. This index assesses various factors, including volatility, market momentum and volume, social media buzz, market dominance and trends. The scale ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.” Scores nearer to 0 suggest increasing fear among investors, potentially signaling a buying opportunity. On the other hand, scores approaching 100 imply growing greed, hinting at the possibility of a market correction.Korean won as the top fiat trading pairDuring this latest Bitcoin rally, where the cryptocurrency climbed to over 50% of its highest price in almost two years, South Korean crypto traders have played a significant role, Bloomberg reported, citing data from CCData. In November, the South Korean won exceeded the U.S. dollar as the top fiat trading pair in the crypto market for the first time.