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 how Malaysian people are harmonizing themselves with this new era of digital change. Our research elucidated the customers’ positive reciprocation to digital steps that are taken by the government. We concluded that the scope of digital currency is wide, it has enormous prospects and fruits that need to be explored in the future.  


If you are interested in reading more about the CBDC in Malaysia, here are some resources that we referred to in our blogs.


References

·       A new Frontier, D.C. (2022). Financial sector blueprint. [online] BNM.GOV. Available at: https://www.bnm.gov.my/documents/20124/5915429/fsb3_en_box3.pdf. (Accessed 31 Oct. 2023).

·       Kereibayev, O. (2023). Crypto regulations in Malaysia—2023 Guide | The Sumsuber. [online] Sumsub. Available at: https://sumsub.com/blog/crypto-regulations-in-malaysia-2023-guide/ (Accessed 31 Oct. 2023).

·       Ngui, Y. (2022). Bloomberg - Are you a robot? [online] www.bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2022-01-17/malaysia-s-central-bank-studies-need-for-a-digital-currency  (Accessed 31 Oct. 2023).

·       Papers, B. (2023). Motivation for CBDC work. [online] Available at: https://www.bis.org/publ/bppdf/bispap123_n.pdf. (Accessed 31 Oct. 2023).

·       Sham, N., Abu Bakar, A., Yahya, N., Khairuddin, I., Firdaus, A., Abidin, Z., Zain, J., Idris, N., Rabiah, E., Engku, A., Mara, T. and Alam, S. (2022). The Central Bank Digital Currency In Malaysia: A Literature Review. [online] Available at: http://irep.iium.edu.my/97921/1/THE%20CENTRAL%20BANK%20DIGITAL%20CURRENCY%20IN%20MALAYSIA%20A%20LITERATURE%20REVIEW.pdf. (Accessed 31 Oct. 2023).

·       Sukumaran, S., Bee, T.S. and Wasiuzzaman, S. (2022). Cryptocurrency as an Investment: The Malaysian Context. Risks, 10(4), p.86. doi:https://doi.org/10.3390/risks10040086.

·       https://www.vixio.com/insights/pc-malaysia-unveils-plans-study-cbdcs-rejects-proposal-make-bitcoin-legal

·       https://conventuslaw.com/featured-content/malaysia-the-abcs-of-cbdc/

·       https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/malaysia-cryptocurrency-regulation-is-it-legal/

·       https://www.bnm.gov.my/documents/20124/3026128/ar2020_en_box2_digitalcurrency.pdf

·       https://finance.yahoo.com/news/malaysia-assessing-potential-benefits-cbdc-055738489.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADIXJSfEfqkaJjQqv_lBZSUfFInkQw-wfD_5kpKDu_biNSsJGKgqcGfc52IeEiOeri01azz0qAA6inUBRJ2tCYcnzRzaB6PpCEcVngp8SyUWJrBkHerY9_YOzp0pvQv59vIYWC0nSLp6IX0SLlbWBXTQvNPBVyMHIMnCLhX8YWbd

·       https://www.researchgate.net/publication/346190397_The_Regulatory_Framework_Of_Digital_Currencies_In_Malaysia_A_Conceptual_Paper

·       https://www.bnm.gov.my/documents/20124/5915429/fsb3_en_box3.pdf

·       https://www.capitalmarketsmalaysia.com/digital-digital-asset-exchange/

·       https://www.ledgerinsights.com/malaysia-to-explore-both-wholesale-retail-cbdc/

·       https://techwireasia.com/2021/06/malaysias-central-bank-blazes-own-path-in-digital-currencies/

·       https://www.bloomberg.com/news/articles/2022-01-17/malaysia-s-central-bank-studies-need-for-a-digital-currency?leadSource=uverify%20wall

·       https://www.mof.gov.my/portal/en/news/press-citations/bnm-has-no-immediate-plan-to-issue-central-bank-digital-currency-yamani-hafez

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