Indonesia: $70 Million Capital Requirement for ₿itcoin Futures Sparks Anger
traders are unhappy with regulators in after it emerged ₿itcoin () brokers now needed over $70 million to launch trading. Local English-language news outlet reported on the development on Feb. 14.
Following new regulations which came into effect last October, trading platforms wishing to offer cryptocurrency-based instruments can do so, while cryptocurrency use remains banned.
However, in a surprise addition to the final bill, those trading platforms are required to have 1 trillion rupiah ($71.17 million) minimum capital.
This, objectors note, dwarfs the equivalent capital needed to begin trading traditional commodities, which is 2.5 billion rupiah ($178,000).
The addition appeared last week, authored by the Commodity Futures Trading Regulatory Agency, also known as Bappebti.
According to Oscar Darmawan, CEO of local Indodax, the sums involved are even more than the cost of opening a rural . The regulations, he told , were effectively stifling industry growth, as no futures had launched since the tool was legalized.
Indonesia has shown a highly conservative approach to cryptocurrency in recent times. In June 2018, the country’s finance regulator crypto trading as a commodity on Indonesia’s stock exchange.
A on ₿itcoin use for payments from Indonesia’s central bank came in December 2017, weeks before the cryptocurrency hit its most recent of around $20,000.
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Pundi X is the blockchain startup that makes it easier than ever for any store to buy, sell or accept cryptocurrency.
[Note: This is a press release.]
JAKARTA, Indonesia – Oct. 25, 2017 – Buying and selling cryptocurrency has never been easier, with the innovative ICO from Pundi X now delivering the market’s first POS device free to early investors who contribute more than 30 ETH or 1.5 BTC from a single bitcoin or Ethereum address.
From now until December 20, throughout the remainder of the ICO (including pre-sales and crowd sales), qualified investors will receive a Pundi X POS device which can be installed in retail outlets enabling consumers to quickly and easily buy or sell BTC, ETH, LTC, PXS and other cryptocurrency using fiat money (Dollars, Rupiah, Baht etc), bank card, mobile wallet or Pundi X Pass. The purchased cryptocurrency can be stored in a digital wallet or used to make cashless payments to top up phones, pay utility bills or buy goods, subject to local regulations in each market. The POS devices delivered under this offer will be shipped within 45 days after completion of the ICO process.
With just two days remaining in the pre-ICO period during which investors will be rewarded with a significant bonus of 30% extra tokens, Pundi X is fast approaching its initial cap of 14,000 ETH with a total ICO hard cap of 280,000 ETH.
Zac Cheah, CEO of Pundi X, said:
We have seen a tremendous swelling of enthusiasm among investors in Indonesia and much of Asia and our pre-ICO has developed a powerful momentum of its own. Now is the time to reward those early investors and give them the chance to operate their own POS device in store so that local consumers can start to purchase cryptocurrency, or cost-effectively conduct financial transactions in retail outlets, without the obligation to pay high banking fees.
Pundi X POS is the world’s smallest cryptocurrency device and is designed to sit conveniently on a retail counter in order to distribute cryptocurrency and enable consumers to conduct financial transactions.
A multi-function device that is connected directly to the blockchain so that each transaction is recorded, Pundi X POS serves as the bridge that connects the real world and the crypto world. It also supports the delivery of financial services to the large numbers of ‘unbanked‘ citizens living across South East Asia.
Cheah also explained:
Pundi X POS solves the last mile challenge for cryptocurrency purchases and sales. We created an easy offline solution to make cryptocurrency accessible to everyone. […] For those who are interested in cryptocurrency transaction or want to facilitate cashless transactions, this is the perfect time to get the Pundi X POS device.
For non-ICO investors, the company plans to start the first phase of a POS device pilot roll out in selected cities, including Jakarta, Bali, Seoul, Singapore, and Hong Kong. Pundi X will select applicants who own physical stores – cafes, restaurants, co-working spaces or convenience stores – in order to expand the offline sales network. This roll-out will start in early November and devices will be shipped to the applicant in the same month.
To see how transactions work on the Pundi X POS device, watch this video:
Pundi X is a blockchain startup that aims to make cryptocurrency an enabler of ubiquitous cashless payment environments across South East Asia and beyond. Pundi X POS enables shops, cafes and convenience stores to sell cryptocurrency to a broad cross-section of general consumers and builds on the success of Pundi-Pundi which is one of Indonesia’s most popular QR code cashless payment apps. The launch of Pundi X POS is a stepping stone towards an ICO in late 2017 that will provide funding for as many as 700,000 Pundi X POS devices to be installed over the next three years across all target markets.
For a detailed understanding of the platform and who we are, check out our website: .
You can also find us on the following social media channels:
Wealth business opportunities of guess rise and guess fall in bitcoinbitcoin rose from almost nothing when it was first issued to nearly $20,000 by 2017 and to a minimum of $3,100 by the end […]
