Bitcoin Trading Rate Touches High As Malaysia Limits Cash Transaction

The Bitcoin trading rate has picked up the notable pace in Malaysia. This happened after the Malaysia government decided to put the limit on cash transactions.

  • Bitcoin Trading Rate Touches
  • Malaysia Limits Cash Transaction

bitcoin-trading-rate-high-malaysia-limits-cash-transaction-2019

Bitcoin Trading Rate Touches

Peer to peer trading volumes has picked up the uptrend in Malaysia. 138,500 RMB (~$33K) worth of BTC trades occurred for the week starting from November 9, as Peer-to-peer bitcoin marketplace Paxful. Limits on the cash transactions make people tp turn their attention on Bitcoin.

This surge in the trading garnered best intra-weekly gains ever Last week, traders only bought/sold the cryptocurrency worth about $90K. It is more than 53 percent surge within a week.

Rival P2P Bitcoin Marketplace, LocalBitcoins failed to gain the peak on this opportunity. RM1.5 million (~$361K) worth of bitcoin trades were made this week on following last week’s RM1.3 million (~$313K), on the Bitcoin marketplace.

Malaysia Limits Cash Transaction

The Malaysian government, this week to take step control the cash transactions in the country. They put a limit of RM25,000 (~$6,000) on the cash transactions. This decision will be effective starting from next year.

This is an obvious step by the government to avoid the physical transactions used for illegal activities and to further strengthen the country’s financial integrity.

“This is to address the abuse of physical cash used for illicit activities,” Bank Negara (BNM) deputy governor and chairman of the National Coordination Committee to Counter Money Laundering (NCC), Datuk Abdul Rasheed Ghaffour said.

“We want to hear from the public first. In the past, if you look at public policy, it normally (takes) about six months to implement this. It can be earlier, depending on the public feedback,” said Abdul Rasheed.

The government tried to limit the transaction of people but they are anyway looking into cryptocurrency, which can not be controlled by any government.

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