Author Topic: Indonesia's Government supports gold-backed cryptocurrency project  (Read 2248 times)

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Kinesis to launch revolutionary new bullion-backed monetary system in Indonesia
Expansion built on close partnership and collaboration with Indonesian Government, Regulators, and key organisations, including the creation of Indonesia’s first bullion vault

Although the country holds tremendous economic potential, particularly in relation to its young and burgeoning middle-class, two thirds of its 260 million citizens don’t have a bank account. On the other hand, gold is a major part of the nation’s savings culture, and is regarded as a legal investment under Sharia law (Indonesia has the largest Muslim population in the world).
What does the Indonesian launch entail?

In order to create the right conditions for launch and develop the necessary infrastructure to make the digital gold currency a success, Kinesis has worked in close collaboration with key stakeholders including the Indonesian government, and has partnered with a number of major national organisations for delivery:

  • Kinesis worked closely with the Indonesian government and financial regulator to foster the regulatory environment required to allow for the implementation of Kinesis’ monetary system, culminating in new rules regarding physical gold trading in February 2019.
  • The new rules state that any technology for online or exchange-based physical gold trading products must be deliverable and physically located within Indonesia. To this end, Kinesis has agreed, together with OZL (part of the Liechtenstein Precious Metals Group) and the state-owned post office PT POS Indonesia to build, develop and operate Indonesia’s first purpose-built bullion vault, according to international best-in-class standards.
  • Kinesis has partnered with Allocated Bullion Exchange (ABX) and the national commodities exchange – Jakarta Futures Exchange (JFX) to establish the spot Jakarta Sharia Gold (JSG) contracts to enable the physical trading, vaulting, vault management and logistics of Sharia Compliant physical bullion. PT Kliring Berjangka Indonesia (KBI), Indonesia’s state-owned commodity clearing house, will have oversight responsibilities; Kinesis as the Indonesia vault facility provider, when operational and ABX and PT POS as physical bullion agent and logistics provider.
  • In terms of distribution and enabling widespread usage, Kinesis has partnered with PT Bullion Ecosystem International (BEI), a leading Indonesian e-commerce and financial technology company which provides mobile applications for gold trading, collateral gold finance and Sharia gold financing. BEI’s technology will allow for delivery of white-labelled Kinesis products into the hands of millions.
  • Kinesis partner BEI has an exclusive agreement with Indonesia’s state-owned postal office company, PT POS to provide multiple gold and collateral financing mobile applications. With a reliable and comprehensive distribution system across Indonesia covering over 58,700 point-of-sale service points, PT POS, the world’s third largest postal service, offers a wide range of financial services and is Indonesia’s largest non-bank financial institution, serving an active customer base of 10 million and facilitating over US$10 billion in cross-border remittances alone annually. PT POS is going to integrate the Kinesis Monetary System, together with BEI, to permit Kinesis digital gold (KAU) as an accepted method for sending and receiving cross-border value for its customers, including migrant workers.
  • In order to further promote uptake, Kinesis has partnered with the Nobel-prize-nominated Muslim organisation Nahdlatul Ulamsa (NU), which has agreed to support Kinesis products as a Shariah-compliant option for its members. With over 100 million active members, NU will act as an investor base, facing millions of downstream users.

Gilarsi Setijono, President Director at PT POS Indonesia comments:

“Gold is a very important investment and savings asset class in Indonesia across all segments of society and the first and only purpose-built vault facility will give significant access and confidence to the market. This vault project together with Kinesis and OZL, as well as other government-related gold savings initiatives, will be of long-term benefit to Indonesia and Indonesian citizens.”

Stephanus Paulus Lumintang, President Director at Jakarta Futures Exchange, comments:
“JFX is committed to providing the best solutions and services in the futures and derivatives industry. It’s increasingly become clear to us that the benefits of distributed ledger technology, or ‘blockchain’ will unlock tremendous amounts of value for Indonesia and Indonesian people. Blockchain regulation in Indonesia is currently in progress, and it is quite an important, yet difficult task. However, JFX is ready to be a blockchain exchange company in Indonesia, in compliance with any legal and regulatory requirements. Our future partnership with Kinesis and ABX will enable us to not only tap into these advantages but to create a secure and transparent blockchain network that provides a credible alternative to existing systems of exchange.”


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