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Indonesia to launch gold based blockchain system

According to S&P Global the country of Indonesia is planning to move it's financial system to a gold based blockchain, which is a significant event for a country of 95 million people.

The jewelry industry is finally starting to perk up since the pandemic, and a rising gold price is an important factor in helping consumers realize that gold jewelry is a good long term investment. Silver is also included in the blockchain system.

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"The Indonesian government's plan to launch a blockchain-based, precious metals-backed payments and savings platform outside the banking system will likely drive financial inclusion further in a country where about 51% of adults, or 95 million citizens, are unbanked."

It's also important to note that Indonesia is a Muslim country and adheres by Shariah law. The new blockchain based gold system will be Shariah compliant...

"Developed by Indonesia's state-owned postal service, PT Pos, and foreign token provider Kinesis, PosGO Syariah is a Shariah-compliant mobile platform that allows users to trade gold and silver with physical delivery, as well as save, transact and manage their wealth in digital tokens without bank accounts."

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