Navigating the CBDC Landscape in Malaysia

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...

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...

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...