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All Systems Go For Crypto Currencies In Indonesia

Cointelegraph

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All Systems Go For Crypto Currencies In Indonesia

It’s been a big few days for crypto-currencies in Indonesia.

The Trade Ministry Advisory Board (Bappebti) concluded a 4-month study of cryptos on Monday. They’ve decided that crypto-currencies should be considered commodities and allowed to be the subject of futures trading.

Bitcoin Market Insider

 In addition, Pundi X, the Indonesian company that wants to be “the Wallmart or seven-11 of crypto-currencies”, is rolling out its first crypto payment machines.

All of this while it’s still technically illegal to purchase anything with crypto-currencies in Indonesia.

So why does everything seem to indicate that crypto-currencies have a green light?


Finder.com

As we have seen, the potential for blockchain (the underlying technology behind crypto-currencies) in Indonesia is vast. One of these reasons is serving the unbanked.

Pundi X is an offline sales network that wants to introduce point-of-service (POS) payment devices (like credit card machines) so anybody can buy cryptocurrencies as easily as buying a bottle of water.

Which is no mean feat, as crypto-currencies might just be the most confusing, inaccessible and painful asset/conversation someone can have.

pundix.com

So Pundi X’s goals are suitably big.

They want to have 100,000 POS in place in South East Asia by 2021.

As a result, they want to offer 80% of Indonesian’s that remain unbanked the chance to buy cryptocurrencies, cash in hand.

Over 160 million Indonesians still do not have access to a bank account. Soon, they could be their own banks for numerous different currencies, like Bitcoin and Ethereum.

Pundi X predicts that the Bank of Indonesia will recognize cryptos as a legitimate form of payment within the next 3 years.

Though in the meantime, they can work within regulations by transferring the crypto-currencies into another form of payment, say, Apple Pay or Go-Pay, immediately during the transaction.


pundix.com

It’s the realities of such instantaneousness that financial regulators are beginning to realize that the old-fashioned controls will not work on cryptos.

It’s better to evolve with them than try to completely repress them.

Indeed, Indonesia is already a huge fan of crypto-currencies, with almost as many Indonesian’s trading them as traditional stocks.


Pintrest

Given the volatility of crypto-currencies, however, it is yet to be seen whether Indonesia’s unbanked will be flocking to their local Pundi X to part with their precious Rupiah.

That being said, amongst those 160 million Indonesian’s without a bank account, there will no doubt be a plethora of get-rich-quick punters that fancy the gamble.

Sources: Bitcoinist | Bitcoin.com | Jakarta Post | South China Morning Post

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