A network of cryptocurrency enabled Point-of-Sale (POS) payment devices has begun to spread in Indonesia, despite the ban by the central bank. Pundi X is laying the groundwork for Indonesian merchants to accept cryptocurrencies immediately after the rules are changed.
Also Read: Huobi Creates Its Own Cryptocurrency Exchange-Traded Fund (ETF)
POS Roll-Out Begins
In January, Bank Indonesia issued a warning to the public that it determined that cryptocurrencies are not to be used as payments in the country. It “affirms that virtual currency, including bitcoin, is not recognized as a valid payment instrument, so it is prohibited to be used as a means of payment in Indonesia.” However, this has not deterred the company as its devices support other means and it can thus deploy them now and let merchants turn on crypto payments when allowed. “The functionality for dealing in cryptocurrency is not automatic, it has to be activated when it is legally permissible in any jurisdiction that the POS is being deployed by the retail store owners,” David Ben Kay, Pundi X’s chief legal counsel told the South China Morning Post.
Electronic Money License
Figures we published back in March show that cryptocurrencies remain very popular in Indonesia, despite the warnings of the country’s central bank. In fact, there is almost the same number of crypto traders as stock traders among the 261 million Indonesian citizens.
Should all POS providers add cryptocurrency ability to their devices? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Pundi X.
Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.
The post Crypto Point-of-Sale Devices Begin Roll-Out in Indonesia Despite Ban appeared first on Bitcoin News.
Source: Bitcoin.com