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Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

Saturday 5 March 2022

Cryptocurrencies not recognised as legal tender in Malaysia

 `

Cryptocurrency Not To Be Considered 'Legal Tender'; Centre To Treat It Like Stocks & Bonds

 ;

Legal Tender? The Regulation of Cryptocurrencies

Cryptocurrencies will never become legal tender

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Demystifying Crypto: Digital Assets and the Role of Government

 

Cryptocurrencies not recognised as legal tender in Malaysia, says deputy minister

 ‘Cryptocurrencies not recognised as legal tender’ 

Useful assets:Although digital assets are not recognised as legal tender, Yamani added it still has many different usage including as a class asset that can be invested in

 

Cryptocurrencies are still not recognised as legal tender in Malaysia as they do not exhibit characteristics of universal money, says Deputy Finance Minister II Yamani Hafez Musa.

Yamani said cryptocurrencies, also known as digital assets, are also not a payment instrument that is regulated by Bank Negara.
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“Digital assets such as bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money.
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“In general, digital assets are not a store of value and a good medium of exchange.
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“This is due to the state of digital assets which is exposed to volatility as a result of speculative investments,” he said when replying to a question raised by Nurul Izzah Anwar (PH - Permatang Pauh) in Dewan Rakyat on Thursday (March 3).
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Nurul Izzah had asked about the government’s role in monitoring and regulating currency as well as cryptocurrency assets.
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She also asked if the government had any plans to create digital currency taking into account Bank Negara’s involvement in Project Dunbar for international money transfers using blockchain technology.
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In explaining the volatility of cryptocurrency, Yamani said bitcoin hit a peak of US$65,000 (RM272,382.50) in April 2021 but quickly saw a decline of 50% the following week.
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He also said cryptocurrency is exposed to the risk of theft in which statistics from 2011 to 2021 showed that digital assets worth US$12bil (RM50.29bil) have been stolen through cyberattacks and hacking.
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He added that bitcoin is also only able to process 10 transactions per second compared to 65,000 transactions per second on current payment systems such as Visa.
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“Also, what is important is the huge impact on the environment because the electrical power that is used to process one bitcoin transaction can process 1.2 milliob visa transactions.
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In 2020, the bitcoin network used 132 terra-watts per hour which is equivalent to the entire electricity consumption of Argentina,” he said.
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Yamani added that currently, Bank Negara has also not decided to issue a central bank digital currency (CBDC) as the country’s domestic payment systems including the Real-time Retail Payments Platform continues to operate safely and efficiently to support Malaysia’s economic needs and allows real-time digital payments.
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“Additionally, the monetary policy tools and existing finances also remain effective in maintaining monetary stability and the country’s finances,” he said.
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Although digital assets are not recognised as legal tender, Yamani added it still has many different usage including as a class asset that can be invested in.
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As such, he said the Securities Commission (SC) as the market regulator has set digital assets as a security under the law and is responsible to regulate its trading activities.- 

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 China's Bitcoin trading plunges to 10% of global share from 90%: central bank

China's Bitcoin trading has plunged to 10 percent of global share from 90 percent, and the country has effectively curbed the speculation of crypto currency trading as part of an effortto fend off domesticfinancial risks and restore financial order, the central bank said on Thursday.

Tuesday 3 December 2019

More heartaches than happiness

Many investors get their fingers burned in dubious money-making schemes

M Mall in Penang where MBI investors can exchange their virtual coins is now almost deserted.

IT may seem like it was not so long ago that money-game was practically on everybody’s lips especially here in Penang,

My close friend even invested in MBI Group International which was one of the most popular investment schemes then.

At its peak, one would be considered the odd one out for not investing in the scheme.

How times have changed. Now, my friend is telling me that he has not heard from his upline for months.

It was a far cry from the time when the upline would tell him how good the scheme was, and even spell out a time frame to cash in on the investments.

Most investors have now resigned to the fact that their investments are as good as gone. They feel ashamed to lodge police reports and many just suffer in silence for fear of people teasing them.

However, their counterparts from China were less forgiving.

In October, hundreds of them staged a peaceful protest near the Chinese Embassy in Kuala Lumpur. Wailing and sobbing, they urged the Chinese government to help them recover the hundreds of million ringgit they had invested in the Penang-based company.

In Penang, several groups of Chinese investors also vented their frustration at a hotel and the jetty of an island resort here, where both properties are said to be associated with the company.

The last we heard, three of them even went to the extent of dropping fake bombs at a house in Bukit Gambier out of desperation.

The house belongs to the son of MBI Group International founder Tedy Teow. Luckily, no untoward incidents took place.

Another friend of mine told me that he started believing in karma after putting faith in the money- game.

He is now convinced that what goes around, comes around. This is his story.

He put in a sum of money in BTC I-system, a scheme which claimed to invest in bitcoin digital currency.

Without even knowing how the investment works, he managed to get back his capital within two months, plus a few thousand of ringgits extra in the next few months. Then the scheme collapsed.

He then took the plunge again in another scheme. He was confident of easy money again, especially after being told he was among the first few to join the investment. He was not so lucky this time.

The profit that he got in the first investment ended up paying for the second scheme that went bust.

I have seen many people whose relationship with family members had become strained all because of these dubious schemes.

Direct Selling Association of Malaysia (DSAM) president Datuk Tan Chong Guan reminded the public that there is no free lunch in this world.

“Where there is no sales but a return is promised on investments, this is a sign that it is a money-game, or a pyramid scheme, ” he was quoted then.

If you still could not figure out or get a clear explanation on how the investment will make money, then you better opt out.

If it involves any chain-recruitment that offers commissions for bringing in new affiliates, or sophisticated or complicated investment schemes that sound too alien, then you better avoid it.

Always remember that one has to work hard to earn one’s keep.

But believe me, money-game would always re-emerge in other forms, just like the online scams as long as there is human greed.

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Related posts:

Malaysian authorities crack down on virtual money operator, MBI Group International

https://youtu.be/zzn4zLtw_p8

Smooth operation: Domestic Trade, Co-operatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin (centre) giving a press conference on the raids which yielded luxury vehicles and cash. Despite the crackdown by the authorities, investors continue to patronise M Mall, which is operated by MBI.

Dawn raids on MBI

Key member of MBI Group International remanded 98 bank accounts containing RM209mil frozen to date Three luxury cars and cash seized

Two virtual coin get-rich schemes red-flagged by Malaysian Central Bank



Read more


Friday 22 November 2019

Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist



  • Blockchain embodies the internet of value. How will it revolutionize our lives and our pockets?

  •  And, we look at the qualities Blockchain needs to spark mass adoption.


https://youtu.be/oJGVvJS0A0I

Blockchain, one of the buzzwords in technology, is set to rise in China. Recently, Chinese President Xi Jinping underscored the fledgling technology as the country increasingly views Blockchain as key to future innovation. Has a digital game changer arrived? How will a boom in Blockchain impact our lives? Today we delve into the world of the new technology and talk to Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute, to find out more.

https://youtu.be/DCLqWpXFE2o

Currency of Trust


Blockchain has the potential to be revolutionary. But, what hurdles must it overcome before it can hit the mainstream? In London, we invited Patrick McCorry, founder and CEO of PISA Research, a grant funded by a group of Blockchain companies, to decode this ever-changing world.

https://youtu.be/A2IDapvfUTM



https://youtu.be/41hPRCnUCtI

https://youtu.be/8H-pJ9hs9I4


Private cryptocurrency a misallocation among blockchain technology, says economist

Cryptocurrency is digital-based cash among the internet world nowadays. Born from blockchain, this kind of "currency" is blooming in terms of high privacy. Acknowledging that, Nobel Prize-winning economist and Harvard professor Eric Maskin commented that private cryptocurrency is a misallocation.

"The most important application of blockchain so far has been cryptocurrency, and that is a terrible misallocation. In my view, cryptocurrency, at least private cryptocurrency like bitcoin is a mistake," said Maskin.

"Because the public currency like RMB and U.S. dollar are much more useful than private currency. [Public currencies] they preserve the power of central banks to conduct monetary policy. If no one is using the dollar, then the U.S. monetary policy is useless. So I'm worried about cryptocurrency only to the extent that it reduces the use of currencies like RMB or dollar," he added.

He also pointed out that cryptocurrencies could interfere with central banks' monetary policies.

Meanwhile, Maskin supports the idea that blockchain is a technology. He noted that it is one of the exciting developments that have come along in recent years.

"Blockchain can make all sorts of transactions much easier and much more secure. It can also ensure that only the information that people need to have gets transmitted," said Maskin.

"Blockchain is a way for me to guarantee that only what you need to about me gets told. And that's valuable in a world where we're beginning to worry about privacy issues," the professor explained.

Besides, Maskin supports building the country's own digital currencies. With the backdrop of e-payment booming around the world, Maskin said the digital currency can make transaction easier but it won't have all of the unpleasant side effects of these private currencies.

Source link


Read more:

Blockchain with Chinese characteristics





Friday 1 November 2019

President Xi’s Blockchain Push Triggers Frenzy in China Technology Stocks

Blockchain endorsement: Xi said China will increase investment in blockchain technology after chairing a study session last week on developing the industry, state-owned Xinhua reported.— AP
 
https://youtu.be/hfNcct7ZfbE

https://youtu.be/KoDD2Yk0bjE
  • Shenzhen tech index surges 5.3%, the most in eight months
  • Investors urge companies to develop blockchain businesses
BEIJING: Chinese investors snapped up every blockchain-related stock in sight after President Xi Jinping said Beijing wants to speed up development of the technology.

The gains were widespread yesterday, with Insigma Technology Co and Sinodata Co among more than 60 tech shares surging by the daily limit in Shanghai and Shenzhen.

The excitement coincided with a 26% rally in Bitcoin, and also boosted stocks with more tenuous connections to blockchain, like baby-food producer Beingmate Co and selfie-app developer Meitu Inc.

Xi said China will increase investment in blockchain technology after chairing a study session last week on developing the industry, state-owned Xinhua reported late last Friday.

The market reaction shows how far an endorsement from Xi can go in China, where high-level officials yesterday began their first major policy meeting since early 2018.

“Most of these companies, especially those that are just beginning to state their connection with blockchain today, are trying to take advantage of the hype, ” said Li Shiyu, fund manager at Guangdong Xiaoyu Investment Management Co. “It shows how much excitement can be triggered by something stressed as a priority by the top man himself.”

Xi Jinping comments spark rally in China technology stocks

The Shenzhen Information Technology Index closed 5.3% higher yesterday, its biggest advance in eight months.

Hundsun Technologies Inc, Easysight Supply Chain Management Co, YGSOFT Inc and dozens more companies with officially registered blockchain businesses rose by the 10% limit.

In Hong Kong, traders singled out Meitu due to its plans for an encrypted user-identification system.

The shares surged as much as 30%. Pantronics Holdings Ltd - which earlier this month said it will change its name to “Huobi Technology”, a reference to a digital currency exchange - rallied as much as 67%.

American depositary receipts of Chinese blockchain companies also surged last Friday.

Investors pressured other firms to jump on the blockchain hype, using an online Q&A platform to submit thousands of questions on their plans to use the technology.

“Please proactively make expansion plans in blockchain to jump on state policies - doing so would be the best reward to investors, ” urged one shareholder of development-store operator Hunan Friendship & Apollo Commercial Co. — Bloomberg

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Tuesday 24 September 2019

China's new digital currency

https://youtu.be/QlBp9fz6eVE

China launching Cryptocurrency

https://youtu.be/q5rRgKYLnjk

-- China's central bank on the brink of launching a digital currency. How will this revolutionize the monetary landscape in China and abroad?

-- and, we meet a scholar whose calling revolves around friendly China-US ties. How can people on both sides maintain the relationship.

China's to launch its own digital currency

https://youtu.be/IWVBxOdfdOo

The Point: What does China think about Facebook's digital currency?

https://youtu.be/eAPLA4oy7Ks

Facebook announced plans to launch a cryptocurrency for its members, with the aim of enabling them to make virtually all their transactions online. What are the potential risks for governments, companies and individuals?

China to launch gov’t-backed digital currency

  https://youtu.be/KEj6gNiIlOw

China Is Issuing It's Own Digital Currency

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China's yuan will become a cryptocurrency, blockchain expert says

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China Cryptocurrency is Ready!!! - Crypto Daily News

https://youtu.be/0i-1cU53Fkk

Christine Lagarde: 'Central Bank digital currency is coming alive'

https://youtu.be/-D9MRkw5wOc

Tech Daily: China government backed digital currency launch soon

https://youtu.be/HTqdVPchmhY

US, China to meet as Beijing considers digital currency

https://youtu.be/AOvdDBnb08M

CHINA’S CENTRAL BANK SAYS THEIR DIGITAL CURRENCY IS READY

https://youtu.be/zU9pni9bYmk



From 'Made in China' to 'Created in China'从中国制造到中国智造 https://youtu.be/mt77GAFWQV0

Made in China" used to be a synonym for cheap products, but all that has changed. China has made huge progress in innovation and technology. From the Sunway TaihuLight supercomputer, the fastest in the world, and the 500-meter-wide radio telescope in southwest China's Guizhou Province, to the development of lithium battery and 3D-printed blood vessels made from stem cells and renewable energy technologies, Chinese innovations are making a name for themselves. CGTN explains China's huge transformation from the world's factory to an innovation leader.

CGTN's special program "New China" gives you an in-depth look at China 70 years on. Our crew is on a 12-day journey around China's southwestern, southeastern and northeastern regions. Don't miss it. #PanoramicChina #70YearsThriving

China's central bank speeds up digital currency drive

 Private-sector players likely to participate in project

Photo: VCG

With internet technologies advancing and cryptocurrencies flourishing amid a broad digital transformation, individual countries are starting to issue legal tender in digital form, and the People's Bank of China (PBC), the country's central bank, is also accelerating its pace in this area.

As of Sunday, the PBC had applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, according to a report by the Economic Information Daily on Monday.

The PBC said it will speed up the development of legal digital currency on Friday.

Wang Xin, director of the PBC Research Bureau, said in July that the authority is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, China's Cabinet.

"China is beefing up efforts in digital currency innovation, a trend driven by emerging technologies that is spreading worldwide," said Huang Zhen, a professor at the Central University of Finance and Economics.

Rather than letting cryptocurrencies challenge the position of sovereign currencies, it is wiser for countries to roll out their own digital currencies, Huang told the Global Times on Monday.

Chinese authorities ordered a ban on initial coin offerings in 2017 and stopped direct bitcoin-yuan trading as the rapidly expanding market spawned concerns over financial risks.

The PBC, one of the earliest central banks in the world to start the process of digital currency innovation, launched its program in 2014 during the tenure of former governor Zhou Xiaochuan. In 2017, the PBC established a research institution for the digital currency.

"China is among the leading countries in terms of its research into a government-backed currency," said Huang.

Favorable conditions

The basic conditions favorable for China's implementation of a digital currency include comprehensive and fast networks, broad digitalization in the financial sector, and advanced financial technologies - particularly blockchain, a digital, public ledger that records online transactions, according to Huang.

In recent years, Chinese internet companies have made huge achievements in the mobile payment and e-commerce sectors, helping create a digital economy of more than 30 trillion yuan ($4.36 trillion), according to media reports.

In June, US social media giant Facebook released an official white paper for its cryptocurrency project Libra, a blockchain-powered stablecoin expected to arrive in 2020.

The move stepped up the global race for digital currencies, with China's central bank paying close attention.

The central bank is closely working with market participants on creating a central bank digital currency, PBC official Wang said.

"China's private market players have accumulated some experience in the digital currency sector. Their participation in the government's work will effectively help promote the project," Cao Yin, an expert in the blockchain sector, told the Global Times on Monday.

It is likely that the sovereign digital currency will be issued within two or three years at the soonest, although the authority tends to take a prudent attitude, Cao said.

Once it is broadly implemented, the new currency will have a big impact on Alibaba's Alipay and Tencent's WeChat Pay, the two dominant mobile digital payment tools in China, as the PBC's digital currency is featured by decentralization, unlike the former two.

Challenges ahead

There are still some bumps on the road to promoting the digital currency.

"For this new kind of currency, its nature actually poses challenges to existing policies in such aspects as foreign exchange control, so it takes time to balance benefits with potential risks," said Cao.

A flexible and open mechanism is needed by the PBC to attract more talent, he added.

Digital currencies can help strengthen regulation as transaction data can be tracked and analyzed, including illegal money laundering, according to Huang. But laws and rules should be formulated in a timely fashion to protect individual information. "Safety is the biggest issue," he added.

"Use of the digital currency to better serve the real economy also requires policy guidance," said Huang. Newspaper headline: PBC accelerates digital currency drive.

 Source link

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Facebook delves into Cryptocurrency, the Libra coin plan

Cryptocurrency and Facebook logo are seen together in this photo. Photo: IC 


Thursday 27 June 2019

Facebook delves into Cryptocurrency, the Libra coin plan

Cryptocurrency and Facebook logo are seen together in this photo. Photo: IC 
https://youtu.be/eAPLA4oy7Ks

Experts raise concerns over privacy and regulation

Facebook unveiled plans Tuesday for a new global cryptocurrency called Libra, pledging to deliver stable virtual money that lives on smartphones and could bring over a billion "unbanked" people into the financial system.

The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.

Facebook and some two dozen partners released a prototype of Libra as an open source code for developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year.

The nonprofit Libra Association based in Geneva will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable.

The Libra Association's Dante Disparte said it could offer online commerce and financial services at minimal cost to more than a billion "unbanked" people - adults without bank accounts or those who use services outside the banking system such as payday loans to make ends meet.

"We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now," Disparte, head of policy and communications, told AFP.

Facebook will be just one voice among many in the association, but is separately building a digital wallet called Calibra.

"We view this as a complement to Facebook's mission to connect people wherever they are; that includes allowing them to exchange value," Calibra vice president of operations Tomer Barel told AFP.

"Many people who use Facebook are in countries where there are barriers to banking or credit."

But the move raised questions about how such a new money would be regulated, with one lawmaker calling for a pause on Libra.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues," said Maxine Waters, chair of the financial services committee in the US House of Representatives.

Meanwhile French Finance Minister Bruno le Maire said such digital money could never replace sovereign currencies.

"The aspect of sovereignty must stay in the hands of states and not private companies which respond to private interests," Le Maire told Europe 1 radio.

Bank of England Governor Mark Carney said Facebook's new currency would have to withstand scrutiny of its operational resilience and not allow itself to be used for money laundering or terror financing.

ING economists Teunis Brosens and Carlo Cocuzzo said in a research note it was not clear what Libra was or how it might be overseen while US Senator Sherrod Brown, a Democrat and banking committee member, voiced concerns over Facebook's checkered record on protecting users' privacy.

Backed by real cash

Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking.

Calibra is being built into Facebook's Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message.

Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin.

Real-world currency will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators.

"It is backed by a reserve of assets that ensures utility and low volatility," Barel said.

The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel.

"It is not about trusting Facebook, it is effectively trust in the association's founding organizations that this is independent and democratic," Disparte said.

New directions

The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection that have tarnished its image and sparked scrutiny from regulators around the world.

Chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

The new Calibra digital wallet promises eventually to give Facebook opportunities to build financial services into its offerings, offer to expand its own commerce and let more small businesses buy ads on the social network.

"We certainly see long-term value for Facebook," Barel said.

Facebook said it would not make any money through Libra or Calibra, but rather was seeking to "drive adoption and scale" before exploring ways to monetize the new system.

Financial information at Calibra will be kept strictly separate from social data on Facebook and won't be used to target ads, Calibra vice president of product Kevin Weil told AFP.

Libra will be a regulated currency, subject to local laws in markets regarding fraud, guarding against money laundering and more, Weil said.

'Watershed' moment?

According to Facebook and its partners, local currencies and Libra may be swapped at currency exchange houses or other businesses.

And the ubiquity of smartphones means digital wallets for Libra could make banking and credit card services and e-commerce available in places where they don't now exist.

Analyst and cryptocurrency investor Lou Kerner said Facebook's move has the potential to open the door for cryptocurrency to a wider public.

"What Facebook is really good at, is making things really simple to use," Kerner told AFP.

"And that's what is super exciting for the crypto industry, is somebody comes along who understands user experience and has billions of users that they can roll this out to."

Source link 


Tuesday 15 January 2019

SC to regulate digital assets

Good move: Lim says many people have bypassed Malaysia because the policy was not clear about digital assets

Move seen to spur growth in digital currency sector


Regulatory oversight of digital currencies and tokens, which kicks in from today, offers timely clarity and transparency to various players in the fledgling industry.

Omni Capital Partners Sdn Bhd managing director Scott Lim said everything would be above board with the regulation and governance under the Securities Commission (SC).

“Digital assets in Malaysia have been underwhelmed mostly. A lot of people have been bypassing Malaysia because the policy was not clear about it.

“Certainly, now that this is regulated by the SC, it’ll be good. We shall wait for the guidelines,” he said.

Celebrus Advisory co-founder Edmund Yong said the regulation is very much welcomed and one which is needed, as it would spur growth in the industry.

Celebrus is a compliance-first blockchain consultancy firm.

He added that the statement by the Finance Ministry was very accommodative with the intention to use tokens and the recognition of it as a fund-raising tool.

“In fact, it can be an indirect source of foreign direct investment, a borderless method to raise funds.

“But from now until March 31, there will be a twilight period. Many activities will be stopped in their tracks because they don’t know where they stand.

“Some would possibly even move offshore because of the draconian RM10mil and 10-year imprisonment punishment,” said Yong.

He said digital tokens could also be for points in computer games or reward points, and it too would be quite draconian if it is all painted with the same brush.

The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 kicks in today and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchanges faces up to a 10-year jail term and up to a RM10mil fine.

Digital currencies and digital tokens are collectively known as digital assets, which will now be prescribed as securities.

The SC is putting in place relevant regulatory requirements for the issuance of ICOs and the trading of digital assets at digital asset exchanges in the country.

This is expected to be launched by the end of the first quarter this year.

Finance Minister Lim Guan Eng said the offering of such instruments, as well as its associated activities, would require authorisation from the SC and needed to comply with relevant securities law and regulations.

“The Finance Ministry views digital assets as well as its underlying blockchain technologies as having the potential to bring about innovation in both old and new industries.

“In particular, we believe digital assets have a role to play as an alternative fund-raising avenue for entrepreneurs and new businesses, and as an alternative asset class for investors,” he said in a statement yesterday.

Any person offering an ICO or operating a digital asset exchange without the SC’s approval will face an imprisonment term not exceeding 10 years and a fine not exceeding RM10mil.

Federal Territories Minister Khalid Samad mooted the idea of the Harapan Coin last year, which would be the world’s first political fund-raising platform using blockchain and cryptocurrency technology.

In November last year, shareholders of Country Heights Holdings Bhd approved the company’s plan to conduct an ICO to issue its own cryptocurrency, called “horse currency”.

Country Heights founder and chairman Tan Sri Lee Kim Yew had said that the company would like to be the first to launch cryptocurrency in the country when the regulations are ready.

The company’s plan is to eventually issue one billion horse currencies backed by RM2bil worth of physical assets held by the holding company, with an initial 300 million open to the public for circulation.

StarBizBy ROYCE TAN roycetan@thestar.com.my

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    BLOCKCHAIN beyond Bitcoin



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