Proton Holdings Suspends Seri Kembangan Dealer Accepting Bitcoin Payment

Last week, news of a Proton dealer in Seri Kembangan accepting Bitcoin as payment caught every Malaysian’s attention.

Since news of this dealer spread, Proton Holdings Berhad have stated yesterday (7th January) that they will not accept the cryptocurrency as payment for its cars, according to the Malay Mail Online.

The car manufacturer reportedly stated that they did not recognise the Bitcoin payment method and will be suspending the operations of this dealership.

Source: mmo

Despite Proton Holdings not accepting Bitcoin, the owner of Anjur Kayangan Auto Sdn Bhd (the Proton dealership in question) is adamant on accepting the cryptocurrency. The owner, who wanted to be known as Tony, told the daily,

“I am just trying this approach to go by this difficult period and true enough since last Thursday I have been receiving more inquiries about purchasing cars through Bitcoin.”

“After advertising about the Bitcoin service, we have been getting at least 10 to 20 walk-in customers asking about the service.”

When Tony put up a banner announcing that his dealership was accepting Bitcoin on Thursday (4th January), Proton told him to take it down the following day. However, according to the dealership owner, they did not give any additional information.

“I have taken down the banner, but I am still offering the service as you can see that I am advertising Bitcoin as a payment method on the doors to my outlet,” he continued. 

Source: lowyat

So, if you’re interested in buying a car from this dealership using Bitcoin, how do you go about it in the first place?

Well, according to Tony, patrons can just transfer a specific amount for down payment, or you can also pay the total price for the car by transferring the amount to his personal Bitcoin wallet. Although this dealership accepts Bitcoin, customers can resort to other methods of payment as well.

“I am just trying this approach because Proton cars are doing badly in the market. There (are) also talks by Proton Holdings to close down underperforming dealers, so this (offering Bitcoin) is my last step before I close shop,” he told the daily.

The car dealership owner continued to say that sales for Proton cars at his outlet along with other outlets were now under 10 transactions a month, which is in stark contrast to the 100 sales a month they used to have before the goods and services tax (GST) was implemented in 2014.

Bitcoin, which is now valued at nearly US$20,000 (RM79,950) at the end of 2017, is not recognised as legal tender by Bank Negara Malaysia in 2014 due to its value being so unpredictable.

What do you think about buying vehicles using Bitcoin? Is it unsafe or the wave of the future? Let us know in the comments below!

Also read: Co-Founder of World’s Top Bitcoin Site Just Sold All His Bitcoins, Here’s Why