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A blockchain company called Pundi X is setting up digital currency point-of-sale (POS) terminals in Indonesia. This is despite the fact the country views cryptocurrency as an illegitimate form of payment. The hostility towards crypto cash was caused by the government's perception of it as a potential vessel for money laundering and funding of terrorist groups.
Pundi X, however, isn’t fazed by the restrictions and has begun disseminating its devices in the country. The startup said it did so because it sees Indonesia’s aversion to cryptocurrency as temporary, estimating that the country will change its stance within the next three years, Cointelegraph reported.
Besides crypto cash, the POS device will also be used to conduct transactions involving cards and electronic payments in stores. The idea is to encourage people to use cryptocurrencies as a quotidian form of payment, using it to purchase products at cafes and shopping malls where POS stations are installed.
David Ben Kay, Pundi X’s chief legal counsel, said that deployment of their device is already slated even with Indonesia’s regulatory restrictions on cryptocurrency in place. He added that crypto is but one of several methods of payment supported by the device and is not exclusive to cryptocurrencies.
“The functionality for dealing in cryptocurrency is not automatic, it has to be activated when it is legally permissible in any jurisdiction that the POS is being deployed by the retail store owners,” Kay said. He added that the other form of payments catered to by the device adheres to the current regulatory framework of Indonesia. The startup chose the country as the first territory of implementation because of its large populace and the widespread use of cash-based payments.
Pundi X also shared that a number of countries expressed interest in its device, with several of them pre-ordering it, including South Korea, Singapore, Japan, Switzerland, and Indonesia itself. By 2021, the startup aims to install around 100,000 POS devices in Southeast Asia to bolster its reputation as a blockchain-based payment platform. Pundi X estimates that this move will enable 80 percent of Indonesia’s population who aren’t using banking services to start purchasing and selling digital currencies, essentially adopting them into their everyday lives.
