Fasset and Mastercard have partnered together to promote the use of cryptocurrencies in Indonesia

Mastercard, a global supplier of financial services, and Fasset, a provider of cryptocurrency gateways, have formed a partnership to co-develop digital solutions in an attempt to increase bitcoin acceptance in Indonesia.

The purpose of the cooperation is to broaden access to financial services and increase the number of possibilities available in the nation located in Southeast Asia.

Users are able to exchange digital assets such as bitcoin and tokens representing real-world assets using the platform Fasset, which was launched in 2019 and was based on the Ethereum blockchain. The majority of the company’s focus is on developing nations, and its headquarters are located in the United Kingdom.

Fasset is hoping that by collaborating with Mastercard, it will be able to give financial access and digital capabilities that would help bridge the digital divide.

The cryptocurrency company has announced that in addition to expanding its product offerings, it is also building training and educational platforms with the goal of bringing those who are underserved into the formal financial sector.

An executive at Fasset named Hendra Suryakusuma has said that the acceptance of cryptocurrencies in countries such as Indonesia would have a big influence on the larger crypto ecosystem because it will serve as a reference for other nations to seek advancement and the speed of economic expansion.

The most recent agreement comes after Fasset completed a series A investment round in April for US$22 million. Additionally, the company was granted three operating licenses by the Labuan Financial Services Authority of Malaysia one month ago, allowing it to begin business operations in the nation.

A poll found that Indonesians are the most likely people in the world to acquire cryptocurrency, with 41 percent of the population doing so. In the meanwhile, as of the year 2021, over 66 percent of the country’s 275 million inhabitants still did not have a bank account, giving it an ideal ground for international financial actors.

Brazil’s lower house will not consider the crypto bill till after the presidential elections.

The Brazilian Chamber of Deputies has decided to put the vote on the country’s crypto bill on the back burner, according to a CoinDesk report on Thursday.

According to the report, other legislative issues like a budget guidelines law and a proposed constitutional reform have taken priority. Consequently, the house will no longer consider the crypto bill next week.

It is worth noting that the bill, as reported by The Crypto Basic, first received approval from the Committee on Economic Affairs (CAE) in February. Notably, the bill also received approval in the Senate in April. The legislation so far focuses on tax exemptions for green miners, commensurate punishment for crypto crimes, and regulation of crypto transactions and companies.

According to CoinDesk’s report, the lower house has yet to agree on a final draft for the bill. However, the bill’s rapporteur in the lower house is said to have taken out two articles from the one approved by the Senate.

Notably, Both articles taken out by Netto apply to crypto exchanges. The first requires crypto exchanges not to commingle user funds and that of the exchange. The second requires that exchanges have an Employer Identification Number before they are allowed to pursue a license in the Latin American giant.

It is worth noting that Brazil has adopted the emerging market significantly, and lawmakers have maintained a positive attitude toward the industry. In March, the city of Rio De Janeiro revealed that it would start accepting property taxes in Bitcoin in 2023. In May, the country’s largest digital bank Nubank in partnership with Paxos, revealed that it was launching Bitcoin and Ethereum trading services for customers.

The country’s crypto bill is expected to usher in a new wave of adoption. It was expected to become law this year as it now only needs approval from the Chamber of Deputies and the President’s signature. Notably, it remains unclear what changes may occur should incumbent president Jair Bolsonaro be ousted.

Celsius is bankrupt.

Embattled crypto lender Celsius and its subsidiaries on Wednesday filed for Chapter 11 bankruptcy in the Southern District of New York, confirming suspicions from analysts.

The firm disclosed in its press release that the filing enables them to carry out a restructuring process to provide the best outcomes for stakeholders.

“Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers. Without a pause, the acceleration of withdrawals would have allowed certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery,” said the company’s board.

“We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” added CEO Alex Mashinsky, asserting that this was the right decision for all involved.

In its filing, it is worth noting that the now bankrupt crypto lender makes a case for the company to continue operations during the restructuring process. The company says it currently has $167 million cash in hand and proposes to use it to continue operations, including employee payments and benefits.

However, the firm maintains that it is not seeking to reopen customer withdrawals.

It is worth noting that there have been weeks of widespread rumors and speculation that the crypto lender would file for bankruptcy. However, for weeks it appeared that the firm was doing everything to avoid this outcome, making over $1 billion in repayments to debtors. With Wednesday’s filing, Celsius has put any doubt to rest, dealing another blow to account holders.

Celsius Chapter 11 filing comes just over a week after fellow crypto lender Voyager filed for Chapter 11 bankruptcy in New York. Notably, as reported by The Crypto Basic, account holders with the firm are not likely to receive full repayments.

Celsius, on June 12, disclosed it was halting customer withdrawals owing to the unfavorable crypto market conditions. Notably, before revealing insolvency concerns, the firm had offered depositors returns as high as 17%.

Regulators in six states in the US are currently investigating the company, with Vermont joining in on Tuesday, expressing the belief that the lender is “deeply insolvent.” Celsius also faces a lawsuit from a former money manager who accuses the firm of fraud and market manipulation.

In Saudi Arabia, the use of cryptocurrency is seeing a meteoric rise in popularity

According to a KuCoin survey, as of May 2022, around 3 million Saudi Arabians, or 14 percent of the adult population aged 18 to 60, have become crypto investors who either presently hold cryptocurrencies or have traded in the previous six months.

Another 17% of individuals are crypto-curious and want to invest in cryptocurrencies in the next six months, according to the survey.

Saudi Arabia is a significant market for digital currencies due to its high level of penetration and acceptance, showcasing the potential for growth in the Middle East and North (MENA) area.

76 percent of Saudi Arabia’s crypto investors have less than a year of experience in crypto investing, which is sort of unusual.

A shift in investor mood occurred in the first quarter of 2022 when the bear market began to take hold. In Saudi Arabia, 42 percent of crypto investors want to better their families’ living standards with their investments. Over a quarter (28 percent) want to put the money back into the market.

In the second quarter of 2022, when the market turns negative, 42% of cryptocurrency investors will be using auto-trading solutions like trading bots. The crypto industry in Saudi Arabia is being opened up to new opportunities and services because of the country’s distinct culture and philosophy.

Crypto Regulation in Saudi Arabia

Although the Kingdom of Saudi Arabia has not yet made any official legislation regarding cryptocurrencies available, the administration seems to have adopted a positive posture toward digital assets and blockchain technology.

A digital currency named Aber was jointly unveiled in 2019 by the Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the United Arab Emirates (UAECB). The fiat currencies of the two nations will be used as backing for the cryptocurrency, which would be utilized for making payments across the border between the two countries.