Launch of Gold-Based Monetary System in Indonesia
Together with the Indonesian government on 16th April, Kinesis will announce the launch of its new gold-based monetary system for PT Pos (the Indonesian state-run postal service). For the first time in 22 years Indonesia is in a recession and many of its citizens will be feeling the strain.
The project is the first national project of its kind whereby the government is integrating gold exchanging technology it’s financial infrastructure, and in a system which is fully Sharia compliant because it is not a debt based system. It is the first gold-backed digital asset to be Sharia compliant.
This provides a fairer way of storing and exchanging wealth compared to the traditional banking systems on offer and poses serious questions as to the future of monetary systems at a time when faith in fiat currency is wavering.
This project marks a significant milestone for Indonesia as it will provide vital financial access to unbanked citizens across the country, and support Indonesia’s efforts of achieving the UN’s Sustainable Development Goals (SDG)in numerous ways.