Gold-backed monetary system Kinesis introduces PosGo Syariah, a Sharia-compliant version supported by the National Sharia Council and in partnership with PT Bullion Exchange, Allocated Bullion Exchange and the Indonesian postal service PT Pos.
PosGo Syariah allows peer-to-peer transactions of fiat currency and gold in real-time and provides payment and wallet services through PosPay. It has a community savings program called Gold Mecca catered for the Islamic pilgrimages Hajj and Umrah.
Through Indonesia’s largest non-bank firm PT Pos, Kinesis’ Islamic digital currency can be easily acquired by the country’s predominantly Muslim population. Since PosGo Syariah is backed by the federal government and the Sharia Supervisory Board, the cryptocurrency allows debt and interest-free transactions.
‘PosGo Syariah is a large ecosystem that integrates many parties to be able to actively conduct trade, business, service, utility, financial transactions as well as an ecosystem that integrates the supervisory work processes of all regulatory agencies in Indonesia with the aim of improving the quality of protection for the community as consumers and forming a systematic solution ecosystem for a better community life,’ PT Pos declared, as reported by Finextra Research.
As the COVID-19 pandemic continues, Kinesis aims to provide the public with an alternative in the monetary exchanges. PosGo Syariah was first introduced to 45,000 PT Pos employees. It is set to be presented to the public at a press conference on May 21, 2021, headed by the PT Pos CEO Faizal Rochmad Djoemadi along with other government officials.
‘This [is] a pivotal moment in the Kinesis journey. We are proud to be working with the Indonesian national government and all the partners involved in this momentous project. People are increasingly moving away from traditional currencies and I am humbled to present Kinesis as a robust and scalable solution for digitalised and mobilised gold as a currency,’ Kinesis CEO Thomas Coughlin said.
He mentioned that the PosGo Syariah project proves the effectiveness of the Kinesis technology in reaching people at a national level.
‘Crucially, this project shows just how the Kinesis technology can be applied in the real world at a national level. Through public-private partnerships, which are a core part of our DNA and driver for innovation, we will continue to work with nations across the world to deliver viable solutions for the transformation of an outdated monetary system,’ he stated.
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