Pundi X moves in on Indonesia’s unbanked population, deploying crypto-fiat POS devices despite national cryptocurrency ban.
Indonesia is quickly becoming the new crypto force in southeast Asia, with reports that daily trading volumes on the nation’s crypto exchanges are starting to greatly exceed that of the country’s own stock exchange. This rise in cryptocurrency trading across Indonesia has led to a new report today, that PundiX, a cryptocurrency POS payment startup, has already begun installing crypto ATM machines across Indonesia, in anticipation of the crypto ban lifting.
A new South China Morning Post article released today commented that Pundi X’s chief legal counsel, David Ben Kay, believes the country’s crypto ban will be lifted in as little as 3 years and announced the startup has already begun deploying their POS systems in Indonesia; gaining first-mover advantage on the growing popularity of crypto-trading.
He also added that the installed devices will not be in contravention of Indonesia’s current legislation as the ATM machines do not exclusively exchange fiat for crypto or vice versa. For now, the devices will only offer legal fiat-fiat transactions until such a time that the ban is removed; only then will the crypto function become available on all devices.
By 2021 the startup expects to have installed over 100,000 of these POS machines across southeast Asia, from Singapore to South Korea, predominantly offering Bitcoin and Ethereum in exchange for a wide variety of fiat pairings. Today the team announced on it’s official twitter page that mass production of these devices is expected to roll out soon.
The network of payment systems is hoping to target those that currently have limited access to financial services and investment opportunities; offering a more cost effective system for workers sending remittance payments to their families overseas.
At the time of writing Pundi X’s native NPXS token is currently valued at under $0.01, with an unknown quantity of coins in circulation according to CMC records. It has also suffered near double digit losses against the US dollar today with a -8.69% drop, as the market swings wildly with uncertainty over the fate of Bitcoin going into the end of Q2.
Pundi X is yet to feature on any top crypto exchanges, particularly those based in South Korea where the project is looking to expand into over the course of its development. We should expect big things from this project in the future, particularly as it progresses out of its infancy into the wider adopted crypto market.