Bitcoin’s Whitepaper 14th Birthday; Why BI Believes Indonesia is ‘Recession-Proof’? on Crypto This Week

What Happened in the Crypto Industry & NOBI Over The Last Week?

Hi NOBI’s! Due to the greater optimism around the crypto market, a growing number of crypto assets have turned green during the past week. One comes from Hong Kong, which plans to allow retail cryptocurrency trading starting next year. Although the ‘ghost’ of recession still haunts the global economy, Bank Indonesia (BI) is super optimistic that Indonesia will be able to avoid that. We recap what’s been going on in the crypto industry & NOBI over the last week!

1. Kazakhstan to Test National Digital Currency on BNB Chain

In an announcement on Twitter, Changpeng Zhao said that the BNB chain network will be a key component of Kazakhstan’s latest Web3 effort. Zhao tweeted that the National Bank of Kazakhstan (NBK) would integrate the central bank’s digital currency (CBDC), digital tenge, into the BNB Chain.

The National Bank of Kazakhstan (NBK) launched a pilot CBDC involving the participation of local merchants and consumers. Zhao said he was looking forward to the bank to further develop use cases to “bridge the gap between traditional banking and the crypto ecosystem.”

2. Happy 14th Birthday Bitcoin Whitepaper!

On October 31st, crypto enthusiasts around the world celebrated the 14th anniversary of the Bitcoin whitepaper release! The Bitcoin (BTC) whitepaper was first published on October 31, 2008, by anonymous figure Satoshi Nakamoto. In a period of 14 years, Bitcoin managed to stunned the world with a rapidly increasing price from US$0 to US$67.000 in the last quarter of 2021 ago. So, when mooning to US$100,000?

3. VISA Launches Football Themed NFT Collection, Welcoming the 2022 World Cup

Visa has just announced the launch of the “Visa Masters of Movement” project. In this project, his party will hold an auction for the collection of non-fungible tokens (NFT). Uniquely, they will also offer a hybrid experience (virtual and physical) for fans ahead of the Qatar 2022 World Cup.

According to Visa, this project aims to be an immersive effort to encourage fans’ enthusiasm for the Qatar 2022 World Cup. It will also provide digital artwork of the project. Furthermore, his party also plans to hold an “interactive experience” at the Doha Festival, Qatar, at the end of November.

4. Hong Kong Ready to Legalize Retail Crypto Trade Starting Next Year

Hong Kong has finally loosened crypto rules, allowing retail investors to directly trade digital assets. The licensing framework for crypto platforms that allow cryptocurrency trading is expected to be implemented in March of next year.

According to Bitcoin, Hong Kong has relaxed strict crypto regulations on Sunday (10/30/2022). As a result, the government intends to legalize retail cryptocurrency trading. Bloomberg reported on Thursday, citing people familiar with the situation.

5. Bank Indonesia Brings Good News, Indonesia Will Not Experience Recession!

Bank Indonesia (BI) is optimistic that the Indonesian economy will continue to grow, despite the threat of strong inflation. Is this really a good signal that Indonesia will not enter into a recession? The Deputy Governor of Bank Indonesia, Dody Budi Waluyo, said that the risk of rising inflation remains a challenge that needs to be monitored.

Dody estimates that the increase in commodity prices will continue due to the energy and food crisis, along with the very high global uncertainty. However, he said, the central bank’s policy, especially the policy of the benchmark interest rate, will be carried out in a measurable manner, so that BI’s monetary policy can still support Indonesia’s economic growth.

That wraps up for Crypto This Week. We’ll see you at the next one!

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