Blockchain
Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights
Asosiasi Blockchain dan Pedagang Aset Kripto Indonesia/Indonesian Blockchain and Crypto Asset Exchanges Association (A-B-I & Aspakrindo), in collaboration with Coinvestasi, has released the highly anticipated “Indonesia Crypto and Web3 Report 2023”. This comprehensive report presents crucial insights that serve as a valuable reference and illustration of the dynamic growth within the crypto and Web3 industry in Indonesia. Here are five noteworthy highlights from the report:
- Soaring Crypto Adoption in Indonesia
Securing its place on the global stage, Indonesia now ranks seventh in the Chainalysis Global Crypto Adoption Index. This impressive climb from 13 in 2022 underscores Indonesia’s pivotal role in driving global crypto adoption. - Surging Transaction Volume and Investor Numbers
Despite market volatility, Indonesia experienced robust growth in crypto transaction volume and investor’s confidence throughout 2023. Notably, the country recorded a transaction value of IDR 122 trillion from January to September, with a significant spike in crypto transaction volume in November 2023.
The Indonesian crypto market witnessed a surge in the number of investors, reaching 18.25 million from January to November 2023. This marks a substantial increase from the 16.55 million investors recorded in the same period in 2022. The monthly increase in registered customers averaged 437,900, with Java Island dominating at 63.6%. The most traded crypto assets included USDT, BTC, as well as emerging ones like SHIB and DOGE. - Innovation Support
As a commitment to foster innovation in the blockchain technology, Indonesia, through the Ministry of Communication and Informatics (Kominfo), has issued the Ministerial Regulation Number 3 of 2021. Collaborating with relevant stakeholders, Kominfo advocates for the creation of sandbox regulations across various technology-related sectors, including fintech, telecommunications, and digital services. - Crypto Surveillance Transition
Under the oversight of the Commodity Futures Trading Regulatory Agency (Bappebti), crypto assets are treated as commodities in line with the country’s economic strategy. This regulatory paradigm will evolve with the transition to supervision by the Financial Services Authority (OJK), aligning with the Law Number 4 of 2023. Key regulations such as CoFTRA Regulations Number 13 of 2022 and 8 of 2021 play a pivotal role in establishing a compliant and structured environment for crypto assets trading, especially on futures exchanges. - Expanded Crypto Trading and Web3 Ecosystem
The number of registered local crypto exchanges in Indonesia surged from 25 in 2022 to 32 in 2023. Additionally, the country saw an increase in the number of legally traded crypto assets, reaching 501 in 2023 compared to 383 in 2022. The completion of Indonesia’s crypto trading ecosystem in 2023 includes the inauguration of PT Bursa Komoditi Nusantara as the Indonesian crypto futures exchange, PT Kliring Berjangka Indonesia as the clearing house, and PT Tennet Depository Indonesia as the depository for crypto assets.
Indonesia’s journey in the crypto and Web3 sectors throughout 2023 demonstrates a mature and innovative strategy. From regulatory development and market expansion to the growing number of investors and technology integration, Indonesia exhibits a profound understanding of the potential of the crypto and Web3 sectors. The publication of this report serves as a positive step, providing stakeholders with insights into the dynamics of Indonesia’s crypto and Web3 industry. The Association remains committed to strengthening the positioning of domestic crypto and Web3 projects at the national level, aiming to stimulate the growth of Indonesia’s broader digital economic ecosystem, as stated by Danny Baskara, Vice Chairman for Blockchain of ABI & Aspakrindo.
For more comprehensive information regarding the development of the crypto industry and Web3 in Indonesia, access the full report here.
SOURCE Asosiasi Blockchain Indonesia
The post Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights appeared first on Hipther Alerts.
Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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