Author Topic: Malaysia to Limit Cash Transactions in 2020  (Read 18 times)

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Malaysia to Limit Cash Transactions in 2020
« on: November 09, 2019, 03:36:37 AM »


(Image grabbed from https://www.busonlineticket.com/blog/petronas-twin-towers-the-landmark-of-kuala-lumpur)

The country is set to implement an unprecedented restriction on the use of cash.[1] This is doubtless the first time that a country is to implement such bizarre measure to counter the abuse of cash. Somehow, this national policy is implying that cash, at least within the country, is being abused for various illegal activities.

While some business communities are against such drastic measure as it would certainly affect their day to day operation, an idea pops out that they could actually circumvent this policy by adopting the use of Bitcoin and other cryptocurrencies.[2] An ordinary household in Malaysia is said to spend around 8,000 Malaysian Ringgit (RM) per month, way below the 25,000 RM limit. But still, a lot are clamoring to increase the limit as the current proposed limit is way to low.

Would you care to share your thoughts on this? Will this really be a window for significant growth of Bitcoin or crypto adoption in this Southeast Asian country?

Sources:
[1]
https://www.channelnewsasia.com/news/asia/malaysia-to-impose-cash-transaction-limit-of-rm25-000-in-2020-12072710
https://www.thestar.com.my/news/nation/2019/11/08/business-community-says-no-to-rm25k-limit
https://www.thestar.com.my/business/business-news/2019/11/07/malaysia-to-impose-cash-transaction-limit-of-rm25000-next-year


[2] https://bitcoinist.com/bitcoin-usage-may-spike-following-cash-restrictions-in-malaysia/