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Indonesia weighs blockchain-powered carbon trading scheme • TechCrunch

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Indonesia wants to direct the blockchain craze toward greener use. The Indonesia Stock Exchange (IDX) has signed a memorandum of understanding with Metaverse Green Exchange (MVGX), a Singaporean startup that specializes in digital exchange technology. The intended collaboration centers around IDX’s emission trading scheme that is slated to launch in 2025, and MVGX’s job is to help IDX build a carbon registry and exchange with blockchain as the infrastructure layer.

Using blockchain in carbon trading solves what’s called the double-counting problem where two entities or an entity and a country lay claim to the same climate action, Bo Bai, executive chairman and co-founder of MVGX, tells TechCrunch. Founded in 2018, MVGX is licensed by Singapore’s finance authority to provide securities and custodial services. Offering SaaS to commercialize carbon credits, the startup’s focus is on “emerging markets seeking to offer access to their emission reduction projects internationally.”

“The infrastructure also provides an immutable record of the…

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