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Indonesian company launches gold-cryptocurrency hybrid investment

News Desk

The Jakarta Post

Jakarta  /  Wed, June 6, 2018  /  04:58 pm
Indonesian company launches gold-cryptocurrency hybrid investment

Cryptocurrencies are definitely something to watch. (Shutterstock/File)

Jakarta-based BBX Coin is combining the trendy-yet-risky cryptocurrency investment with the oldie but goldie, well, gold.

The product, called “BBX Coin Gold”, boasts of being the first in the world of cryptocurrency to allow users to have both virtual and real investment. A BBX Coin Gold token comes with five grams of fine gold.

On its official website, BBX Coin sees the hybrid product as “a step toward transforming the general perception of cryptocurrency from negative to positive”.

Despite having its believers, cryptocurrency is often met with skepticism and hesitation in Indonesia. Earlier this year, Bank Indonesia cautioned against transactions of digital tokens in the country, describing cryptocurrency as “very risky and inherently speculative”.

Read also: Cryptocurrencies decided as future trading commodity

Cryptocurrency and blockchain technology is considered a more secure and decentralized finance system, aiming to democratize finance away from governments and banks to the common people. However, the lack of physical backing makes cryptocurrency very risky and volatile -- as is the case with Bitcoin.

Interested investors can own BBX Coin Gold by purchasing the digital-only BBX Coin at a higher price or redeeming 800 certificates from BBX Coin purchases for one BBX Coin Gold. Pre-ICO sale is until June 29 via its official website. BBX Coin will be listed on July 2 on rekeningku.com.

BBX Coin promises returns, boasting that the product is profitable, secure and trustworthy. The company's CEO Ronald Kumalaputra has more than 16 years' experience in finance and owns several businesses in the IT, media and retail industries. (dev/kes)