Indian government including the finance minister himself recently refused to recognise cryptocurrencies as legal tender and even warned against investing in them and called it a Ponzi Scheme.
Despite of all this a blockchain startup of Indonesian-origin called Pundi X, is preparing to launch point-of-sale network in India so that people in India can buy and invest in cryptocurrencies offline as well, along with current available medium of online websites & apps only reported Economic Times.
In India, cryptocurrencies can be bought via about 11 active trading platforms like Unocoin, Zebpay, Coinsecure, Coinmama, LocalBitcoins and Bitcoin ATMs.
About 10% of the world’s bitcoin transactions take place in India, Constantin Papadimitriou, president of Pundi X, told a daily, which means that 1 in every 10 bitcoin transactions in the world happens in India.
Keeping this fact, Pundi X may launch a point-of-sale (PoS) network in India later this year to help create an offline channel for cryptocurrencies. The company’s India advisor Manan Mehta was quoted as saying by The Economic Times that Pundi X may partner with Indian cryptocurrency exchanges such as Zebpay and Unocoin to allow people to buy or sell cryptocurrencies through a globally connected PoS network.
The company plans to launch its network in Singapore, Indonesia, Africa and Brazil followed by India later this year.
And, why Pundi X is so interested in India ?, well the answer is that the Indonesian startup surveyed 3,000 respondents across India, Indonesia, Japan, Russia, the UK, and the US to understand the rise of alternative currencies among mainstream consumers. A majority people of India, those who surveyed are bullish about cryptocurrencies. When asked what they’d do if handed $1,000, virtual currencies were most of Indians’ choice only after traditional banking.
Moreover, Pundi X already in talks with partners in Africa and Brazil and has a tie-up with a leading super market store with 45,000 merchants in Indonesia.
So, if Pundi comes to India then one can buy his/her daily need groceries or even pay for Ola or Uber cab trip through bitcoin.
In three years, Pundi X aims to be present in 1,00,000 stores in cities globally, giving over 100 million users access to buy cryptocurrency at their nearest shops, cafes, or convenience stores.