Pundi X, a POS cryptocurrency startup, has started distributing Point of Sale (POS) terminals with the capability of accepting cryptocurrencies as means of payment in Indonesia. This with the objective of bringing cryptocurrency to stores, according to an article from the South China Morning Post.
Pundi X is a startup that manufactures cryptocurrency point of sales to ease adoption into the market, so you can use your cryptocurrency to buy goods and pay for services with a swipe of your phone. Their slogan spreads their word: “Buying cryptocurrencies should be as easy as buying bottled water”. Their point of sale systems also run on a blockchain based network on top of the ethereum platform, what gives them the robustness of an already tried and true platform for their operations.
They have targeted Indonesia because of the key characteristics of this country. More than the half of the working adults have no bank account, despite the efforts of the government. And according to statistics, more than 70% of the unbanked have a mobile phone to make transactions. It’s a great opportunity to establish their business there in a land that has 199 million people unbanked that will benefit from the services that they lend.
But some have wondered if Pundi X is being too optimistic about the future of cryptocurrency in Indonesia; currently, cryptocurrency purchases are banned in Indonesia, but not cryptocurrency trading, so you can trade cryptocurrency to normal currency and spend it, but using crypto assets as currency is not allowed.
Pundi X is effectively buying the rumor, hoping to be able to sell the fact. They are distributing the POS terminal with the option of accepting cryptocurrencies disabled, hoping that in the near future, the ban will be revoked and people will be able to use cryptocurrencies to make purchases. A bold move from Pundi X, that seeks to be the pioneer in a market that does not even exists currently. Unluckily, no one knows if it will work out.