Indonesian President Joko Widodo warned the Financial Transaction Reports and Analysis Centre (PPATK) to monitor the use of crypto and non-fungible tokens (NFTs) for money laundering during a speech last Wednesday at the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention at the State Palace, Jakarta.
Indonesia Will Require Crypto Products to Pass Through Regulatory Sandbox or Be Deemed Illegal
The initiative is aimed at combating fraud and will kick in at the start of next year.
Indonesia’s Crypto Market Booms as Transactions Hit $1.92B in February
The country’s registered crypto investors also surged to 19 million users last month.
Indonesia’s Finance Regulator Issues New Crypto Regulation to Strengthen Industry
This is part of the preparations for the transition of crypto supervision to OJK by January 2025.
Indonesia’s Crypto Watchdog Pushes for Friendlier Taxes as Regulatory Overhaul Looms
Crypto is classified as a commodity in Indonesia and is subject to VAT and income tax.
Indonesia Picks Crypto-Friendly Team in Presidential Election
During the presidential campaign, vice-presidential candidate Gibran discussed crypto and blockchain as a means to expand job opportunities for the country’s younger generation.
Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge
The country’s tax revenue in 2023 was substantially lower than 2022, when the tax regime was introduced.
Why Indonesia’s Upcoming Elections Could Make or Break the Country’s Vibrant Crypto Sector
Not all leading candidates have been vocal about crypto – but scattered remarks offer clues about where the industry might be headed under their leadership.
Indonesian Crypto Exchanges Blame Dramatic Drop in Trading Volumes Partly on High Taxes
Indonesian crypto exchanges saw a sharp 60% drop in trading volumes in 2023, challenging its reputation as a fast adopter of digital assets.
Indonesian Authorities Crack Down on Bitcoin Miners Stealing Electricity From National Grid
The thieves allegedly tapped into utility poles of a state-owned energy firm to power mining operations.
Indonesian Crypto Exchanges Must Register With New Bourse or Face Shutdown
The government wants to use the crypto bourse to make the ecosystem safer and gather transaction data for tax purposes.
Indonesia Vice Presidential Candidate Promises to Create ‘Crypto Experts’ as Election Looms
Indonesia’s dynamic crypto market is a focus for politicians looking to use it to fuel the country’s economic growth.
Indonesia launches its crypto exchange and clearing house
The platform, monitored by local regulators, will be the only space in the country where the legal exchange of digital assets is allowed.
Indonesia to launch crypto exchange in July: Report
Once launched, Indonesia’s national crypto exchange will be the only platform allowing crypto transactions, the local regulator said.
‘Dealt with firmly’ — Bali governor issues warning to tourists using crypto
Cryptocurrency trading is legal in Indonesia, but the use of crypto in payments carries hefty penalties including jail time.
Polkadot (DOT) Under Sell Pressure As Bears Retaliate
Over the last week, Polkadot (DOT) has had trouble gaining traction, falling by 8.41% from April 30 to May 4. However, the price is trading sideways and there might be a modest recovery next week as investors take advantage of this dip to acquire more DOT.
According to CoinMarketCap, Polkadot ranks #11 among all cryptocurrencies with a current market price of $5.75. Polkadot’s 24-hour trading volume is up by 29.40% in 24 hours, while its market cap has also gained 1.57% within the same time frame.
Polkadot’s (DOT) Fear & Greed Index today is 46. This level indicates that bulls are pushing the price up gradually, but the bears are still in their positions.
Over the last few days, Polkadot (DOT) has been showing some bullish signs; so expect a possible recovery within the next few weeks as investors take advantage of the current momentum.
DOT Price Analysis
Polkadot trades between the 200-day simple moving average and the 50-day simple moving average (SMA). This indicates that the market is in a neutral or consolidation phase.
The price does not trend significantly in either direction. During this phase, traders and investors may use the 50-day and 200-day SMAs as support and resistance levels while trading.
Related Reading: Check Out This Shocking Pepe Coin Versus Bitcoin Comparison
However, if the price exceeds the 50-day SMA, it could indicate a short-term uptrend, giving investors a buying opportunity.
The Relative Strength Index (RSI) level of DOT is 41, indicating that its market is heading towards the neutral zone and there’s indecision among investors.
But the 24-hour volume indicator shows that the trading activity is gradually growing, which could mean investors are building interest in the coin. This may increase liquidity and potential price movement in favor of DOT.
The chart above shows the key support and resistance levels of Polkadot (DOT). Polkadot now trades between $5.587 and $6.07 primary support and resistance levels. DOT’s first important resistance level is $6.07. If the price rises above this level, the next resistance levels are $7.970.
Future Developments For Polkadot
Many upcoming developments on the Polkadot network might push its adoption, usage, and price in the nearest future.
For instance, the community voted to onboard a Bridge Hub system parachain to Polkadot. Also, Mythical Games plans to migrate its Mythical Chain to the Polkadot blockchain.
Furthermore, the developers are discussing establishing Polkadot Hubs in South-East Asia, with Bali and Indonesia as the first focus.
These development proposals and discussions depict the team’s effort to enhance the network’s efficiency, connectivity, and interoperability. In time, more adoption and activities may affect DOT prices positively.
Featured image from Pixabay and chart from Tradingview.com
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Indonesian government looks to NFTs to preserve cultural heritage
The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.
Crypto gateway Alchemy Pay scores license in Indonesia
Alchemy Pay has partnered with a local fintech in Indonesia to offer low-cost remittances for crypto users.
Indonesia to launch national crypto exchange in 2023: Report
The platform comes as a part of the plan to shift the regulatory oversight from the commodities agency to the securities authority.