Cryptocurrencies such as bitcoin has been making waves in the financial world for the past few months as bitcoin’s price has unbelievably sky-rocketed to an all-time high.
Today, the price of one bitcoin is equal to a jaw-dropping RM70,900. Having said that, are cryptocurrencies like bitcoin considered a legal payment method in Malaysia?
Well, according to Bank Negara, all cryptocurrencies are not considered a legal payment method in Malaysia.
“The public is reminded that digital currencies are not legal tender in Malaysia,” Bank Negara reiterated its stand on this matter.
“Digital currency businesses are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by Bank Negara,” it said.
Having said that, the central bank is not banning the trading of bitcoin. However, citizens who use or trade these digital currencies are on their own in the event of any dispute or losses.
Presently, Japan is the only country in the region that has recognised bitcoin as a form of legal payment. In fact, a Japanese company is set to pay its employees using bitcoin starting February 2018.
Although the same thing cannot be said for Malaysia, the transactions of digital currencies such as bitcoin are booming in our country. It was reported that the transactions of cryptocurrencies per month in Malaysia stand at RM75 million.
When asked about the impressive price movement of bitcoin, Deputy Governor Abdul Rasheed agreed that it is a ‘bubble’.
“If you look at the price, it is clear that it is a bubble. Anything with high return has high risk,” he said.
Hence, those who are actively trading digital currencies are urged to carefully evaluate the risks so as not to suffer catastrophic losses when the bubble bursts.
The returns may certainly look lucrative, but please don’t put all your eggs in one basket. Good luck guys!
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