Unbanked Indonesia Receives Installation Of POS Devices With Pundi X, Despite Ban On Crypto
With multiple countries in Asia adapting to cryptocurrency, Indonesia has remained unwavering, rejecting the concept of crypto trading. However, this time may be ending as Indonesia becomes the host of their own exchange. Specifically, PundiX has begun the process of bringing in ATM machines that function with cryptocurrency, hoping for a lift on the ongoing ban against this currency.
PundiX is a POS payment startup company, but they have already secured legal counsel, David Ben Kay, in their goals to reduce the length of the ban. Kay believes that this process will take less than three years, if that, and he is already announced their POS systems to gain the first influx of consumers when trading is permitted.
The new POS devices do not violate the current laws in place, since they are not exclusive to crypto or fiat funds. For now, as the legislation works towards change, consumers can perform fiat functions. However, as soon as crypto is allowed, these machines can be used towards both.
By the year 2021, the PundiX startup founders hope to have installed at least 100,000 of the devices in Southeast Asia, ranging from Singapore to South Korea. The main function will be to allow the exchange of Bitcoin or Ethereum for their fiat currency, which will be available for many types of currency around the world. In an announcement on Twitter, the company indicated that their hopes for installing the machine is soon.
One of the main reasons for bringing this concept into the area is the network of payments systems, which will help consumers that normally have limited access to these financial opportunities. It is also a much more effective and smooth transaction system for consumers that want to send overseas payments.
Right now, the PundiX token (NXPS) is worth less than half a cent, though there is an unknown number of tokens presently in circulation. Unfortunately, it has also suffered over an 8% loss in value, due to predictions that Bitcoin will be outdated in the next six months.
This platform is not yet available on the major token exchanges, which is part of the value that these machines will have in Indonesia and other Asian countries. However, it is hard to predict what the industry will see from such a young startup until they have had some experience in the crypto industry.