The new company Pundi X is a startup in Blockchain and recently released their point-of-sales or POS devices in Indonesia. On June 4th, the South China Morning Post reported that Pundi X expects the central bank to change its position on cryptocurrency sometime within the next three years. The way a POS terminal works is by processes electronic and card payments where people purchase goods and services. The purpose of releasing a cryptocurrency POS device is to mainstream and enhance the purchasing power of cryptocurrency by implementing it in daily life. People would be able to use the funds to buy food, pay for services, shop for clothing, or wherever else a merchant has a POS device capable of processing cryptocurrency transactions. Indonesia does not formally accept cryptocurrency as a payment method. Legal counsel for the company, David Ben Kay, stated that the company will still distribute the POS devices even without regulations currently in place. The primary reason they're still sending them out is because cryptocurrency isn’t the default setting for payment, and the device accepts other methods of payment that do adhere to current restrictions and regulations. Kay also suggested that the company expects Asian authorities to reduce the restrictions on cryptocurrency as time goes on. Pundi X chose Indonesia to test their products because the country has a large number of people and the economy is very much based on cash for payment. Pundi X already sees some success with the debut of their POS devices. Pre-orders for the products have come from Switzerland, Singapore, Japan, and South Korea already. In three years, by 2021, they anticipate that more than 100,000 devices will be in use in Southeast Asia to accept cryptocurrency as a payment option. Almost 80 percent of the population of Indonesia has no access to banking services. Implementing these devices will allow them to purchase and exchange cryptocurrency without needing a bank account to manage funds. The Indonesian Trade Ministry made progress when the Futures Exchange Supervisory Board agreed to allow cryptocurrency on the stock exchange. An official from the Board, Dharma Yoga, also stated that the government is going to reveal legislation to regulate currency exchange and develop plans to combat money laundering and funding terrorism with crypto.
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