Kinesis launches first purpose-built bullion vault in Indonesia
London 28th June 2019: Kinesis has been closely following the development of new regulation in Indonesia as Kinesis aims to provide the implementation of a monetary system to assist the unbanked and underbanked population in Indonesia.
A key component of the new gold trading regulation in Indonesia (February 2019), with inputs by Kinesis, states that any online or exchange-based physical gold trading product must be deliverable and physically located in an Indonesian vaulting facility.
As of now there is no reason assembled bullion vaulting office in Indonesia, regardless of being in a noteworthy gold interest and exchanging focus with over 160 mt/yr gold production, 75+ mt/yr domestic demand and a 100 mt/yr capacity LBMA-approved gold refinery.
Kinesis is cooperating with Offenes Zolllager in Liechtenstein AG (OZL) and the Indonesian government to develop high security, top tier vault office to house the physical metal utilized in the Kinesis Monetary System and the Allocated Bullion Exchange (ABX)/Jakarta Futures Exchange (JFX) shariah consistent, spot physical bullion trade.
This will fill in as the focal bullion centre point in Indonesia for both regular and shariah-consistent bullion.
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