Together with the government of Indonesia, Kinesis will be using blockchain tech for financial services based on gold to the entire populace of Indonesia.
Kinesis is a monetary system backed by gold and situated in the Islands of Cayman. The firm kickstarted a version of its services in a complaint with the Sharia law in Indonesia, which is making way for the acceptance and adoption of the blockchain-backed solution it is offering in the largest Muslim populated country in the world.
The product, which is named PosGO Syariah, has been described as the pioneer mobile business setup in Indonesia that will be compliant with Islamic law. The product is powered by renowned blockchain technology, and it is delivered as a mobile application.
PosGO is a trading platform for gold that is digitized, and it allows its users to perform a real-time peer-to-peer transfer of fiat currency and gold. The platform also serves as a gateway for payment and a saving software for the community called Gold Mecca that is conducting the Islamic pilgrimage, Hajj.
More important to note that the product is launched in collaboration with PT Pos, which is a postal service run by the government of Indonesia and the only institution that is non-bank in the country. Kinesis will capitalize on the wider reach of PT Pos to get their gold-based product to the masses.
In addition to the PT Pos collaboration, PT Bullion and ABX Exchange also collaborate with Kinesis to get the initiative rolling.
The product is licensed and revealed the authentic approval sealed by the federal government of Indonesia, including the Supervisory Board of Sharia in the country. This information was revealed in the early hours of Thursday by Kinesis in Jakarta. Being a product that is fully compliant with Sharia law means the product is not debt-based, and interest is not applied to it.
The CEO of Kinesis, Thomas Coughlin, said the product would encourage and empower the people of Indonesia to use gold as a [fiat] currency. He said, “knowing that people have shifted away from the conventional currencies, it is with much pleasure and humility that I present a scalable and robust solution for mobilized and digitalized gold as a currency, Kinesis.”