Legalization of Bitcoin in Malaysia…..Possibility to bring millions of new users!!!

Earlier it was reported that Malaysian government is set to legalize the usage of Digital Currency within the country and is set to regulate it’s Malaysian Bitcoin Industry.
An official statement by Bank Negara Malaysia (BNM) governer Muhammad bin Ibrahim States that:
“We hope that by year-end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”

It is a really big deal by the Malaysian government to legalize the use of digital currency in the country as for many years, the Malaysian government and its central bank have imposed a strict capital control and the outflow of the Malaysian currency ringgit was restricted outside the country. As a result, people have suffered and struggled to send a large sum of money to their families from outside the country.
The reason for this restriction was that Malaysian government was hot by a massive devaluation of Malaysian currency ringgit. In a really short time period, its currency was declined by around 2% in value against the world’s largest reserve currency such as USD. The restriction was opted as a temporary solution, BNM and commercial banks imposed a restriction on any offshore trading of Malaysian ringgit and derivatives.
Since past 10 months both remittance and commercial banks have been subjected to this strict restriction by the Malaysian government.
The legalization of Bitcoin in Malaysia hoped to provide an alternative way for the financial and remittance system to foreign investors to have fluidity in more money efficiently.
Likewise, countries like Thailand, Vietnam, Japan, and South Korea have transformed into established and well-regulated market for Bitcoin.
As these countries have bitcoin markets within two years of operation these markets and online service providers have gained millions of new active users.
This step by Malaysian government will sure increase the number of new users in the country and will help the economy and who knows it will help in increasing investors which will definitely affect the prices of Bitcoin against the largest reserve currency of the world.

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