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JFX, which is Indonesia's futures and derivatives trading group, expanded the MoU on Tuesday with Kinesis Money and ABX to develop a blockchain exchange using Kinesis technology.
In a joint statement issued Tuesday, companies stated that Kinesis and ABX developed an evolutionary monetary system using real resources (gold and silver) as the basis for digital currencies.
These currencies are traded on the Kinesis Blockchain Exchange, which is part of the stellar network that is capable of handling over 3,000 transactions per second.
The system is also integrated with mobile banking and currency exchange services.
ABX, the world's leading electronic institutional exchange for precious physical metals, has worked with JFX to expand gold investment opportunities in Indonesia.
Meanwhile, JFX, which is an exchange of gold futures contracts, is now launching a Sharia Gold physical spot contract, in collaboration with ABX. The go-ahead was given to the Indonesian governors and to the Indonesian national Shariah council.
"A blockchain exchange version of gold-based currencies, through collaboration with Kinesis and ABX, is a natural extension of the JFX and Indonesian government vision.
"The extended partnership between JFX, Kinesis and ABX provides for an Indonesian blockchain exchange based on the technical progress of the Kinesis Blockchain stock exchange," he said.
This partnership is part of the JFX plan to create blockchain-based solutions in addition to the existing infrastructure. This will allow alternative investors and will benefit from greater ease, speed and security of transactions.
JFX president, Stephanus Paulus Lumintang, said the benefits of distributed boss technology, or blockchain, would unlock huge amounts of value for Indonesia and the Indonesian people.
"The Blockchain regulation in Indonesia is currently underway, and it is a fairly important but difficult task, however, JFX is ready to be a blockchain trading company in Indonesia, in compliance with legal and regulatory requirements."
"Our future partnership with Kinesis and ABX will enable us not only to take advantage of these benefits, but to create a secure and transparent blockchain network that provides a credible alternative to existing exchange systems," he said.
The CEO of Kinesis and ABX, Thomas Coughlin, said that their blockchain network creates a complete monetary system that allows transactions to be exchanged and real physical resources exchanged, at low speed and at low cost.
"We believe that the integration of precious physical metals and distributed accounting technology offers extraordinary value to the Indonesian market, with its dual interest in gold and blockchain. our partnership with JFX to bring this result to fruition. "
Kinesis is a monetary system based on traditionally stable goods, gold and silver.
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