Cryptocurrencies Are Legitimized As Commodities In Indonesia

The Trade Ministry Futures Exchange Supervisory Board (Bappedbti) in Indonesia has classified cryptocurrencies as future trading subjects or commodities.

Bappebti’s head of market supervision development bureau, Dharma Yoga, has signed a decree to make cryptocurrency a commodity that could be traded at the stock market.

The decision came after several months of study about cryptocurrencies which led them to conclude that the said new digital asset type to be commodities.

In addition Dharma said that there will be further regulations on cryptocurrencies with regards to taxation, money laundering and other relevant issues that can affect the space.

However it must be noted that the central bank of Indonesia does not recognize cryptocurrencies as valid means of payments.

Pundi X Rolling Out Cryptocurrency Poin-Of-Sales In Indonesia

A startup Blockchain company Pundi X has start rolling out its cryptocurrency point-of-sales (POS) devices in Indonesia.

This is despite Bank of Indonesia’s current stance that cryptocurrencies are not valid means of payments.

The Blockchain company is betting that the central bank will discard its stance in the next three years. The main purpose of the device is to enable merchants to accept cryptocurrency thus letting consumers pay with their crypto holdings.

The company reveals that it has receive pre-orders from Indonesia, South Korea, Japan, Singapore and Switzerland and are planning to install up to 100,000 POS devices to build a Blockchain payment network in South East Asia by 2021.

Coinbase To Launch in Japan

Coinbase is eyeing to setup shop in one of the world’s biggest cryptocurrency market’s: Japan.

Coinbase is already present in 32 countries already and setting up in Japan seems to be a natural fit.

This revelation was announced on Monday stating that the company is ready to work with Japan’s Financial Services Agency (FSA) to ensure it is compliant with local laws.

The company intended to enter the market two years ago, back in 2016 when it raised $10.5 million from Japanese investors such as Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi (BMTU) Japan’s largest financial services group and ank respectively.

Nao Kitazawa, a former investment banker at Morgan Stanley Japan will lead Coinbase Japan as its chief executive.

A New Cryptocurrency US SEC Chief Has Been Appointed

The US Securities and Exchange Commission (SEC) already has a cryptocurrency task force and has designated a crypto advisor.

The US agency has chosen Valarie A. Szczepanik to lead this new division where she is tasked to ensure that cryptocurrency related activities complies with securities laws if need be.

Her official title will be “Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman.

Valarie is seen to have demonstrated skill, experience, and keen awareness of the importance of fostering innovation while ensuring investor protection.

She was leading SEC’s distributed ledger technology (DLT) working group and is a cybersecurity veteran before taking on the role.

It is quite obvious that SEC will try to leverage Valarie’s expertise in the said space to accelerate regulatory development or to further stall I, only time will tell.

Bitcoin City In Slovenia

Slovenia’s largest Shopping Mall called the BTC City is becoming the world’s first genuine Bitcoin City.

BTC City is a very large shopping mall in Slovenia and said to be the testing ground of Eligma, an artificial intelligence driven Blockchain-based cognitive commerce platform that will help users to discover, purchase, tract and resell products and services.

The BTC City is an excellent testing ground for Eligma’s payment system: Elipay as the giant mall represents in a smaller scale global commerce because it encompasses a large number of different establishments with different purpose, requirements and market niche.

The Eligma team envisions to transform BTC city into a unified online platform with simplified payment and business process.

Currenty Elipay gives the option to pay with Bitcoin now and shortly Bitcoin Cash and Eligma’s token.

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