Kinesis Stablecoins

[paid2]

FIRST POST IN THIS THREAD FROM A NON-OP USER!
 

 

That said, will Kinesis be impacted by the MICA regulations?
I don't know.
Do MICA regulations concern precious metals?
As Kinesis currencies are gold and silver, maybe not. Maybe they are considered just as commodities.
But gold and silver are also currencies, so maybe yes.

To be honest I asked it on X, replying to a post of BIS (Bank for International Settlement) that was mentioning MICA, but of course I got no response 

Thanks for your research.
Indeed, with MiCA we are all in a blur at different scales. 
We'll have to wait and see, as MiCA's Tier application for stablecoins will come into effect between June and December 2024. Perhaps the Kinesis project is still in a grey area regarding all this, but I hope they won't go as far as banning it in EU (although I wouldn't be surprised if they did...).

[Peter90]

Thanks for your research.
Indeed, with MiCA we are all in a blur at different scales. 
We'll have to wait and see, as MiCA's Tier application for stablecoins will come into effect between June and December 2024. Perhaps the Kinesis project is still in a grey area regarding all this, but I hope they won't go as far as banning it in EU (although I wouldn't be surprised if they did...).

AFAIK, within the partnership with Indonesia's government, Kinesis should take the role of facilitating foreign remittances i.e. money sent to Indonesia from Indonesian workers abroad. In this role, Kinesis avoided the whole regulation concerning banks precisely because their currencies KAU and KAG were considered commodities.
(Gold and silver are singular in that they have this double aspect, they are both commodities and currencies.)
Maybe the same will happen in Europe.

But most probably, Kinesis will simply work within the Mica regulation.

[Peter90]

Q1 - Q2 2024 – Quarterly Update

[Peter90]

Kiyosaki sits down with Kinesis to Talk ‘The Evolution of Money’

“I save gold and silver. I don’t save dollars.”

Kiyosaki speaks on how everyday people are accustomed to spending and saving in centralised, bank-issued fiat currency, commonly referred to as ‘paper money’.
“My mom and dad had no idea,” says Kiyosaki. The everyday person can’t necessarily see the difference between “real money and fake money”.

He continues, “… they hung on to paper again, their college degrees… People have been conditioned and programmed to take paper instead of the real stuff, which violates Gresham’s law.”
Gresham’s law states that when ‘bad money’ enters a system, people hold onto ‘good money’, which sees valuable assets like gold and silver, exit the system.

Kiyosaki explains how paper assets, such as Dollars, Pounds or Yen are subject to large-scale currency devaluation due to central bank money printing. He contrasts saving in fiat and paper assets with the ownership of hard assets, such as real estate and precious metals.

Kiyosaki comments, “I save gold and silver. I don’t save dollars”, an approach he has taken since his time as an army pilot in Vietnam, which coincided with Nixon’s closing of the gold window in 1971.


BRICS Central Bank Gold Demand

Discussing the BRICS nations, Kiyosaki highlights a growing division between the East and the West, with Eastern nations like Russia and China accumulating gold to create a currency backed by the precious metal.


The Evolution of Money

The conversation concludes with an evaluation of the Kinesis ecosystem; a sustainable and fair monetary alternative, that has already proven its potential in helping users globally counter the impact of a fiat-based economy.
Kinesis’ gold and silver-based currencies, KAU and KAG are backed by fully allocated, fully audited gold and silver, which is made universally spendable by card, through leveraging blockchain technology.

Kiyosaki voices his enthusiasm about Kinesis’ capacity to easily allocate a portfolio between gold and silver, spend on a debit card – and get paid every month through Kinesis’ innovative yields system.
He calls Kinesis a game-changer, deeming it “the evolution of money”.

timestabloid.com

[Peter90]

News from Indonesia
Kinesis and Nahdlatul Ulama Launch NUNOMICS APP - Nahdlatul Ulama (NU) is the world’s largest religious and social organisation, with over 100 million members and followers.

I wish some forum member from Indonesia could tell me whether all these initiatives have some visibility over there.



                                     

[bee]

News from Indonesia
Kinesis and Nahdlatul Ulama Launch NUNOMICS APP

This claim can be too excessive, maybe I was wrong but this application has not been inaugurated as an official financial app that NU used or empowered (the latest news that I found, was once proposed). If you are looking for the keyword "Nunomics" on the official NU page, you will not find it. https://www.nu.or.id/search?q=nunomics
This application was made and launched by developers who work in one educational institution based on the typical learning system of NU organization, and they may independently apply for application permits to related application licensing authorities such as OJK or Bappebti without the need for organizational approval.

[Peter90]

News from Indonesia
Kinesis and Nahdlatul Ulama Launch NUNOMICS APP

This claim can be too excessive, maybe I was wrong but this application has not been inaugurated as an official financial app that NU used or empowered (the latest news that I found, was once proposed). If you are looking for the keyword "Nunomics" on the official NU page, you will not find it. https://www.nu.or.id/search?q=nunomics
This application was made and launched by developers who work in one educational institution based on the typical learning system of NU organization, and they may independently apply for application permits to related application licensing authorities such as OJK or Bappebti without the need for organizational approval.

First, that's great info bee
Thanks

You are right, Nunomics has not been officially launched yet.
I looked at Kinesis Monetary Indonesia and neither Nunomics nor NU seem to be mentioned (I could be wrong. I can't read Indonesian)
https://kinesismonetary.com

Kinesis is used to make what they call "soft launches" so either it was just a group of NU developers or it is another soft launch.


Anyway, we are talking about this
https://nunomics.id

                     

I can't read Indonesian. I just see NU mentioned a couple of times.
Do you think a group of NU developers are allowed to publish such a website without some kind of authorisation from NU?

[bee]

I can't read Indonesian. I just see NU mentioned a couple of times.

It's okay, 

Do you think a group of NU developers are allowed to publish such a website without some kind of authorisation from NU?

As far as I know, yes. NU does not limit its members from innovating, especially in the realm of technology. The rules of this organization (imo) are quite flexible and tolerant so that the organization's logo can be displayed anywhere without the approval of the relevant authorities if it is only to show that the main people involved are (provably) members of the organization. This is an effort to get higher exposure, especially as you said, this is a social organization with the most members.

I remember one application "NU cash" which on its journey, used such a method until it was finally officially launched[1]. There  was also the "NU Tangerang" app[2] which was developed with the aim of local scale use, this is similar to Nunomics in terms of vision (cmiiw).

1. https://www.nu.or.id/nasional/nucash-dompet-digital-santri-resmi-diluncurkan-wGUhj
2. https://mediaindonesia.com/teknologi/442374/sambut-hari-santri-nasional-mobilecom-luncurkan-aplikasi-nu-tangerang

[Peter90]

Do you think a group of NU developers are allowed to publish such a website without some kind of authorisation from NU?

As far as I know, yes. NU does not limit its members from innovating, especially in the realm of technology. The rules of this organization (imo) are quite flexible and tolerant so that the organization's logo can be displayed anywhere without the approval of the relevant authorities if it is only to show that the main people involved are (provably) members of the organization. This is an effort to get higher exposure, especially as you said, this is a social organization with the most members.

I remember one application "NU cash" which on its journey, used such a method until it was finally officially launched[1]. There  was also the "NU Tangerang" app[2] which was developed with the aim of local scale use, this is similar to Nunomics in terms of vision (cmiiw).

1. https://www.nu.or.id/nasional/nucash-dompet-digital-santri-resmi-diluncurkan-wGUhj
2. https://mediaindonesia.com/teknologi/442374/sambut-hari-santri-nasional-mobilecom-luncurkan-aplikasi-nu-tangerang

How is it possible that you are here since 2018 and I never laid my eyes on you 
+1 karma


There are 2 reasons why I think Nunomics is not just a group of developers but rather NU is involved.

1) Nunomics doesn't simply allow gold trading, it allows buying/selling physical gold (fisik emas, the only two words I know in Indonesian).
For that you need a vault - approved by the Indonesian government; you need permits, a broker able to buy and sell fisik emas on international gold markets - the nearest one for Indonesia is Singapore; a company for logistics; I see the Jakarta Futures Exchange mentioned on Nunomics, that means there must be already a partnership with the JFX... etc.
In order for this app to be put to work you need all of this, and more.

How many companies are there in Indonesia capable to do this? How many potential customers are there for such an app? Basically zero.
A group of developers spending 6-12 months of their life building and launching an app which hasn't nor will have in the foreseeable future any chance of being used?


2) There was already the official launch of Pospay Gold with the participation of Wakil Presiden (Wapres) K.H. Ma’ruf Amin.
There is a reason why you can see the kinesis logo on that video.

Here is the official statement
Luncurkan Pospay Gold, Wapres Dorong Penguatan Pengembangan Ekosistem

If you note there are similarities between PosPay Gold and Nunomics - basically - as far as I can understand - the offer the same service.
So, given that Kinesis has a long standing partnership with the Indonesian government, and that they have already mentioned in the past that they were working with NU, I tend to think that it is as kinesis announcement says, Nunomics is not just a group of developers but the result of a partnership between Kinesis and NU.