Kinesis Introduces Indonesian Government-Backed Cryptocurrency, PosGO Syariah
What's new is gold.
Kinesis have announced the launch of PosGo Syariah, a new government-backed, gold-based digital monetary system in partnership with PT Pos, the Indonesian state-run postal service, Allocated Bullion Exchange (ABX) and PT Bullion Exchange.
The platform is currently live and available to PT Pos's 45,000 employees. Over the next couple months, it will be made available to all Indonesian residents.
PosGo Syariah also includes a payment and wallet service, Pos Pay, and Gold to Mecca, a gold-based community savings program for Hajj and Umrah pilgrimage trips.
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These are important considerations in Indonesia, where 87% of the population identifies as Muslim, according to a 2018 survey.
That's spurred the creation of Sharia-compliant financial products, many of which leverage the high rates of mobile phone ownership among Muslims, according to a study done by The Brookings Institution. PosGo will be the first Islamic mobile ecosystem in Indonesia and has a Sharia Supervisory Board to ensure compliance.
A corporate spokesman for PT Pos said one of the aims of private-public partnership was to improve the "quality of protection for the community as consumers and forming a systematic solution ecosystem for a better community life."
Kinesis, which has offices in London and Brisbane, has been coming up with crypto assets and platforms for precious metals since 2018.
"We are proud to be working with the Indonesian national government and all the partners involved in this momentous project," said Kensis CEO Thomas Coughlin in a press release, saying the company plans to continue working with nations on solutions for outdated monetary systems.
