MUMBAI: Even as governments across the world are undecided on how to regulate crypto currencies, Pundi X, an Indonesian origin company is planning to launch a point of sale terminal network which will help people buy and sell these currencies over the counter. The company plans to launch its network in Singapore, Indonesia, Africa and Brazil followed by India later this year.Pundi X will partner with different cryptoexchanges helping people buy or sell cryptocurrencies through a globally connected point of sale network, which will create an offline sales channel for these currencies.Pundi X will kick-start the sale of its own initial coin offering (ICO) from January 21 to 31, launching its own currency called PXS. The company is likely to go live in Singapore after the ICO, said Manan Mehta, advisor to the company in India.The plan is to create a network of 100,000 devices across the world giving consumers the opportunity to buy and sell crypto currencies and use them to pay for goods and services through their network.“The network will allow the conversion of crypto currencies into fiat currency, in the short term till crypto currencies are accepted globally. Our aim is to make the payments process immutable through crypto currencies and the underlying blockchain technology,” Mehta said.Crypto currencies are a code or a virtual token that can be freely transferred from one user to another through a secured network. Such currencies are the newest alternative payment mode and have gained prominence due to the sharp rise in their value over the last few months. In India, these currencies can be bought via about 11 active trading platforms like Unocoin, Zebpay, Coinsecure, Coinmama, LocalBitcoins and Bitcoin ATMs.Pundi X wants to create a global network that allows people to buy and sell these coins. It is 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.However, central bank scepticism could hit the trade of these currencies. The Indonesian central bank was the latest to warn against trading in crypto currencies. “Owning virtual currencies is very risky and inherently speculative. The digital tokens are prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public,” the Indonesian central bank was quoted as saying by Bloomberg.The Reserve Bank of India too has warned against the use of virtual currencies while India’s finance ministry has called the spurt in their prices as “entirely a matter of mere speculation”.Mehta said Pundi X respects the government stances with regards to crypto currencies and will work in the jurisdictions of the governments that validate the use case for cryptocurrencies. The company lists Japan, Estonia, Singapore and Gibraltar as countries that are creating the necessary regulation for such currencies to function.