A new gold-linked product being distributed through Indonesia’s postal service raises interesting ideas about financial inclusion, parallel monetary systems, blockchain and Islamic finance.
On April 16, a company called Kinesis soft-launched a physical gold-based digital Shariah-compliant product called PosGo Syariah. It is government-backed and run through the 24,000-location network of PT Pos, the state postal service.
Customers use an app to access PosGold, which gives them digital ownership of gold underpinned by physical metal in a Jakarta vault, together with the opportunity to transfer money between gold and fiat balances.
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