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Concluding Remarks

As the saying goes when you are in Rome, do as Romans do, and so is the case with the digital world. There is no denying the fact that physical currency would become part of bygone days. E-revolution is hijacking financial activities around the globe. The research has been done by the Turner Group about the digital currency in Malaysia. The whole work is ranging from the introduction and overview to the legality of the CBDC, to the response of the Malaysians, to consumer attitude, and to the impact of CBDC on the digital revolution in Malaysia. Turner's group researched the introduction of digital currency, it is about the historical background, different types, pros, and cons. We came up with the idea that although digital currency has legal status in Malaysia, there are regulatory steps required to be adopted. Moreover, turner's group explored state initiates, and its practical measures in response to the Central Bank Digital Currency revolution.  In addition, we studied ho

Introduction to CBDC landscape in Malaysia

As technology progresses, the financial world is witnessing a revolution in payment methods and sources of transactions as well. Previously, the world has seen the transformation from physical currency to virtual payment methods like electronic currency. There are multiple platforms for online transactions including Paypal, Wise, Payoneer, and many more that you can use to transfer funds virtually. As of today, the world has been moving toward the digital age, as it has been witnessing the use concept of digital currency in the financial market. Digital currency is a virtual currency that can be considered as an alternative payment method to physical cash and can be used for business transactions or for any other purpose. One of the main differences between electronic currency and digital currency is that digital currency doesn’t take any physical form. We can convert electronics from a bank account, at any cashpoint and can hold them as a record in physical form while digital cash can

Summary of the Development of CBDC in Malaysia

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Digital currency is a form of money that is available virtually and can be used instead of cash for conducting payments. The adoption of Digital currency has evolved rapidly in the last decade. Many countries around the globe have conducted resilient research projects which led them to the successful generation of Central Bank Digital Currency (CBDC). As the money revolution is overwhelming the globe due to its mass-level acceptance among the countries. Malaysia also could not resist to digital revolution. Malaysia is also welcome the digital currencies i.e. Bitcoin, Cryptocurrency, Ethereum, to name but a few. As things are difficult in their initial phases, so is Malaysia. From consumer behavior and attitude toward CBDC to legal framework to the response of Malaysian government, and to the impact of digital currency on its economy, CBDC underwent a transitionary phase in Malaysia. When it comes to the legality of the Digital Currency, in Malaysia, digital currency is legal but its st

Money Goes Digital: CBDC's Debut in Malaysia

Malaysian’s Financial Landscape has been Significantly Developed by integrating Digital Currency Countrywide. Like many other nations that have recognized the true potential of digital currencies, particularly cryptocurrencies like Bitcoin, Malaysia has also understood the importance of digital currencies as a new form of financial assets and adopting a modern way to conduct all transactions digitally.  The Malaysian government, together with regulatory authorities, has been taking new steps to create a regulatory framework governing the effective use and online trading of digital currencies. The central bank of Malaysia, Bank Negara Malaysia, has been actively involved in monitoring and regulating digital currencies to ensure financial stability and consumer protection along with safety for their money. They have made special guidelines and regulations specifically issued to govern digital currency exchanges and wallet providers, which are mainly required to register with the authorit

Money Revolution (CBDC): Malaysia; a befitting Response

Malaysia is a forward-thinking country that is actively investigating how CBDCs might affect its financial systems such as financial inclusion, ensuring constant access to central bank funds, facilitating both domestic and international payments, and improving the dissemination of monetary policy. Furthermore, given their strong dependence on the local economy, privately issued digital assets like stable coins and crypto-assets are thought to pose a risk of currency substitution, which the CBDC seems to mitigate In the revolution of the financial industry (CBDC), Malaysia is emerging as a major player . In 2021, Malaysia started work with its neighbors in Southeast Asia, including South Africa, Australia, Singapore, and other countries, to initiate a proof-of-concept (COP) for CBDC. The pilot program, known as Project Dunbar, aimed to use blockchain technology to speed up cross-border payment settlements. The project used two powerful blockchain channels, Corda from r3 and Quorum from

Consumer attitude towards Digital Currency

Malaysia is helping to shape the global financial environment as a result of the digital revolution. Malaysia, like many other nations, is looking into the usage of Central Bank Digital Currency (CBDC) as the world looks into the possibilities of digital currencies. This piece dives into the complex structure of consumer behavior and views around digital currencies, with a special emphasis on the launch of CBDC in Malaysia. Looking at current perspectives can teach us a lot about Malaysian consumers' views, concerns, and future expectations about the usage of digital currencies. Many factors influence how Malaysians react when it comes to digital money. Customer impressions are heavily impacted by convenience in the age of digital technologies. When compared to typical banking procedures, digital currency transactions save time and effort. This feature appeals to Malaysia's younger demographic and familiar with technology Malaysians who accept new technologies swiftly. Consumer

Legality of Digital Currency in Malaysia

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Transaction and payment methods have evolved over time because of different aspects like security, technology, and sociability. Over the past few decades, the world has been moving toward digital transaction methods and different types of currencies started being used for making payment and business transactions. Cryptocurrency is a form of digital currency, being used for trading, business transactions etc. The usage of digital currencies has always been a challenge due to various factors including security. Digital currencies like Bitcoin, and Ethereum are like digital cash, that user can store in their digital wallet and they use cryptography to secure digital transactions. Digital Currency has not been successful in gaining legal status all over the world, but its legality differs from one jurisdiction to another, like Japanese parliament made amendments to their Payment Systems Act and passed laws to recognize Cryptocurrency as a payment method similar to traditional currencies li