Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes.
The average Malaysian household spends $1,900 per month
Malaysian authorities have apprehended five men charged with stealing 85 bitcoin machines. The police captured the men in a police raid on November 2.
The Sun Daily reports that four men and one woman rented a building in Seremban, Malaysia adjacent to a warehouse storing the bitcoin machines. The five drilled through the concrete wall connecting the two buildings. All the suspects were friends without past criminal records, The Sun writes.
Worth $10,300 each, the machines were most likely bitcoin mining rigs, although local police did not specify.
“On Oct 29, a shopkeeper lodged a police report following the missing of 85 bitcoin machines,” said
The strict financial regulator in Malaysia is trying to help the local fintech industry scale up and attract new investors. As part of that trend the Malaysia Securities Commission is recognizing the right of cryptocurrency exchanges such as Luno to serve local customers.
Malaysia’s finance ministry says both domestic and global adoption rates of cryptocurrencies are low, notwithstanding the significant attention the disruptive sector has garnered.
In its Economic Outlook 2020 report released today, the ministry nonetheless noted that several prominent firms in key economic sectors had taken steps toward digital currency adoption, according to a business news report from Bernarama on Oct. 11.
Malaysia’s crypto regulatory landscape to date
“Although the impact of these projects has yet to be felt more widely, digital assets may we