Blockchain Startup Installs Crypto Point-of-Sale Devices in Indonesia Despite Regulations
Blockchain startup Pundi X has begun rolling out its cryptocurrency point-of-sales (POS) devices in Indonesia, betting that the central bank will discard its current anti-cryptocurrency stance within three years, the South China Morning Post reported June 4.
A POS terminal is an electronic device used to process card or electronic payments at sales outlets. The idea behind the startup’s devices is to make digital currencies a medium of daily exchange, letting people use virtual currencies to buy necessities like food products in retail stores, cafes and shopping malls where merchants have installed the POS devices.
While cryptocurrency is not legally recognized as a payment instrument in Indonesia, the company’s chief legal counsel David Ben Kay said that the deployment of the POS devices would be completed regardless of regulatory developments. Kay said this is because the device’s cryptocurrency function is not the default option, and it supports payment methods that are compliant with current regulations.
