fbpx
Connect with us

Bit Coin

Indonesian Government to Launch Crypto Bourse This Year, Official Says

Published

on

Indonesian Government to Launch Crypto Bourse This Year, Official Says

Indonesian Government to Launch Crypto Bourse This Year, Official Says

The Indonesian government is set to launch a crypto bourse by the end of this year, a high-ranking government official reportedly revealed. “We will make sure that every requirement, procedure, and the necessary steps have been taken,” he emphasized.

Crypto Bourse Coming Soon in Indonesia

The Indonesian government is planning to launch a crypto bourse by year-end, Dealstreetasia reported Wednesday, citing Indonesia’s Deputy Trade Minister Jerry Sambuaga.

Speaking on the sidelines of NXC International Summit 2022 by WIR Group in Bali, the trade minister explained that the crypto bourse initiative is part of the government’s efforts to protect consumers amid rising interest in digital currencies.

Originally set to launch in 2021, the bourse launch was postponed due to the complexity of the process, the publication conveyed.

“We will make sure that every requirement, procedure, and the necessary steps have been taken,” Minister Sambuaga was quoted as saying. “This is proof that we are being careful. We don’t want to be hasty as it may cause us to miss something.” He elaborated:

Creating a bourse needs many preparations. We need to see which entities should be included in the bourse.

“Secondly, we need to validate the said entities,” the government official continued. “Thirdly, there is minimum capital and other requirements related to custodian depository, technical things.”

Tokocrypto CEO Pang Xue Kai believes that a crypto bourse can help increase the number of participants in the crypto sector and interest from institutional investors. Tokocrypto is one of the 25 cryptocurrency exchanges licensed by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti).

Pang opined:

The industry will grow, we’ll start seeing more local projects.

Indonesia allows the trading of crypto assets as commodities but does not recognize crypto as a payment instrument. In April, the Indonesian Directorate General of Taxes said it had set income tax (PPh) on capital gains from crypto investments and value-added tax (VAT) on crypto purchases at 0.1%.

In January, Indonesia’s Financial Services Authority (OJK) warned that financial firms are not allowed to offer and facilitate sales of crypto assets. However, the country’s Minister of Trade Muhammad Luthfi said in September last year that the Indonesian government will not ban cryptocurrencies as China did. Nonetheless, Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has declared cryptocurrency haram, forbidden for Muslims under Islamic law.

Crypto transactions in Indonesia increased 1,224% to 859.4 trillion rupiahs ($57.5 billion) in 2021 from 64.9 trillion in 2020, according to Bappebti. In the first six months of this year, there were 15.1 million crypto users in Indonesia, transacting cryptocurrencies worth 212 trillion rupiahs.

What do you think about the Indonesian government launching a crypto bourse? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Go to Source

Bit Coin

Bitcoin Stock-to-Flow Creator Buying the Dip, Is the Price Model Still Valid?

Published

on

Bitcoin Stock-to-Flow Creator Buying the Dip, Is the Price Model Still Valid?

Popular Bitcoin chart analyst and investor ‘PlanB’ continues to buy the dip highlighting how many times the asset has been proclaimed ‘dead.’

On Oct. 3, the analyst told his 1.8 million Twitter followers that he was still buying BTC with his most recent purchase being around the $20,000 level.

His first purchase was in 2015 when BTC had fallen to around $400, and then again during the 2018 bear market when it fell to around $4,000. The asset is currently trading at equally weak levels, 72% down from its all-time high.

BTC has been declared ‘dead’ on those three occasions and as many as 463 times since its inception according to the 99Bitcoins obituaries page.

My first bitcoin investment was in 2015 at ~$400 (yellow circle). Most people said bitcoin was dead.

My 2nd investment was in 2018 at ~$4000 when I published the S2F model. Most people said bitcoin was dead.

My 3rd investment is now at ~$20,000. Most people say bitcoin is dead. pic.twitter.com/oUWppoJgxo

— PlanB (@100trillionUSD) October 2, 2022

Is the S2F model still valid?

‘PlanB’ has had his share of criticism (and still does) when the price prediction model appeared to be invalidated this year. BTC prices did not surge to the $100,000 average cycle high as predicted in late 2021, or the $135,000 end-of-year close as he predicted at the time.

However, the model does appear to be intact when considering the upper and lower boundaries or the range of deviation from the predicted price for the current time in the cycle which also appears to be lengthening.

With September’s close of $19,425, BTC is trading approximately 75% below its predicted price for this cycle. It was also observed that Bitcoin has never closed a monthly candle below its previous all-time high in its history.

It does make a valid buying point for those with the conviction that the S2F is still valid and the bearish downtrend will slowly start to reverse in 2023 sometime in the period leading up to the next halving.

The asset is also trading below a number of longer-term technical indicators such as the 200-week moving average at $23,470 and the realized price which is at $21,253 according to Woo Charts.

Bitcoin dips below $19,000 again

Major macroeconomic concerns continue to fuel the bears in both traditional finance and crypto markets. BTC took a sharp dip below $19,000 during the Monday morning trading session but has since recovered to $19,194 at the time of press according to CoinGecko.

The asset remains in tight consolidation where it has been for the past three weeks, failing to make any progress above $20,000 yet bouncing off support at the mid-$18,000 level several times.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

DOJ objects to Celsius plans to reopen withdrawals and sell stablecoins

Published

on

DOJ objects to Celsius plans to reopen withdrawals and sell stablecoins

The Department of Justice (DOJ) has submitted an objection to Celsius’ motion to reopen withdrawals for select customers and sell its stablecoin holdings.

The DOJ is asserting that the state of Celsius’ financials is lacking transparency and that key decisions like this should not be considered until the independent examiner report has been filed.

The move by the DOJ adds to the objections filed last week by the Texas State Securities Board, the Texas Department of Banking, and the Vermont Department of Financial Regulation. All three are opposed to Celsius selling its stablecoin holdings, asserting there’s a risk the firm could use the capital to resume operating in violation of state laws.

In a Sept. 30 filing with the Bankruptcy Court for the Southern District of New York, a U.S. Trustee for the DOJ, William Harrington, outlined an objection to Celsius opening up withdrawals to its “custody” and “withhold” customers, citing a lack of transparency over the firm’s financials.

Harrington argues in the filing that such withdrawals should not be opened up until the independent examiner report on Celsius business operations has been completed:

“The Motions are premature and should be denied until after the Examiner Report is filed. First, the Withdrawal Motion seeks to impulsively distribute funds to one group of creditors in advance of a fulsome understanding of the Debtors’ cryptocurrency holdings.”

The DOJ has also opposed a potential stablecoin sell off, highlighting similar concerns held by Texas and Vermont regulators that Celsius’ motion doesn’t concretely outline “what impact such a distribution or sale would have” on the business moving forward.

“Second, the Stablecoin Motion seeks to liquidate stablecoins held by the Debtors without providing information regarding ownership, segregation, or the impact of such sale on later distributions to creditors who may have stablecoins on deposit with the Debtors,” the filing reads.

Independent examiner appointed

According to Harrington, the “United States Trustee appointed Shoba Pillay” the examiner on Sept. 29, with the New York Bankruptcy court approving the appointment on the same day.

Pillay will have roughly two months to prepare and file an examiner’s report on Celsius, hopefully providing a clear breakdown of its assets and liabilities.

Harrington essentially asserted that Celsius’ motions should not even be considered until well after the examiner report has been filed, noting that “any distribution or sale should be deferred until interested parties, the United States Trustee, and the Court are able to make a determination” on the value of Celsius liabilities, claims against it, its assets and what “the debtors intends to actually pay its creditors.”

Related: Crypto Biz: The Voyager Digital auction is over — What now?

Simon Dixon, the founder of crypto investment platform BnkToTheFuture — which was the lead investor in Celsius — predicted via Twitter on Oct. 1 that Celsius will look to repay its creditors in Celsius (CEL) tokens as part of a reorganization plan that ultimately “won’t get past regulators & regulators will file motions to reject” it.

If such occurs, Dixon sees it sparking a bidding war for Celsius assets, similar to that of Voyager Digital’s recent $1.3 billion asset auction that was won by FTX US.

3/9) This will drive the vultures into a bidding process where the vultures will try & buy the assets we paid for without our consent & FTX & TradFi will give us pennies on the dollar. It will be a lot worse for creditors than @investvoyager due to size of hole. pic.twitter.com/4EqspGx9iF

— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) October 1, 2022

Go to Source

Continue Reading

Bit Coin

Transit Swap ‘hacker’ returns 70% of $23M in stolen funds

Published

on

Transit Swap ‘hacker’ returns 70% of $23M in stolen funds

The funds returned so far have come in the form of Ether, Binance-pegged ETH and BNB ($14.2 million).

1609 Total views

20 Total shares

Transit Swap ‘hacker’ returns 70% of M in stolen funds

A quick response from a number of blockchain security companies has helped facilitate the return of around 70% of the $23 million exploit of decentralized exchange (DEX) aggregator Transit Swap.

The DEX aggregator lost the funds after a hacker exploited an internal bug on a swap contract on Oct. 1, leading to a quick response from the Transit Finance team along with security companies Peckshield, SlowMist, Bitrace and TokenPocket, who were able to quickly work out the hacker’s IP, email address and associated-on chain addresses.

It appears these efforts have already borne fruit, as less than 24 hours after the hack, Transit Finance noted that “with joint efforts of all parties,” the hacker has returned 70% of the stolen assets to two addresses, equating to roughly $16.2 million.

These funds came in the form of 3,180 Ether (ETH) at $4.2 million, 1,500 Binance-Peg ETH at $2 million and 50,000 BNB at $14.2 million, according to BscScan and EtherScan.

Updates about TransitFinance
1/5 We are here to update the latest news about TransitFinance Hacking Event. With the joint efforts of all parties, the hacker has returned about 70% of the stolen assets to the following two addresses:

— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022

In the most recent update, Transit Finance stated that “the project team is rushing to collect the specific data of the stolen users and formulate a specific return plan” but also remains focused on retrieving the final 30% of stolen funds.

At present, the security companies and project teams of all parties are still continuing to track the hacking incident and communicate with the hacker through email and on-chain methods. The team will continue to work hard to recover more assets,” it said. 

Related: $160M stolen from crypto market maker Wintermute

Cybersecurity firm SlowMist in an analysis of the incident noted that the hacker used a vulnerability in Transit Swap’s smart contract code, which came directly from the transferFrom() function, which essentially allowed users’ tokens to be transferred directly to the exploiter’s address:

“The root cause of this attack is that the Transit Swap protocol does not strictly check the data passed in by the user during token swap, which leads to the issue of arbitrary external calls. The attacker exploited this arbitrary external call issue to steal the tokens approved by the user for Transit Swap.”

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Indonesian Government to Launch Crypto Bourse This Year, Official Says
a

Market

Trending