Malaysia Bitcoin Trading Volumes Rise as Capital Controls Tighten
Over the past few years, Malaysia has imposed tight regulations on money transmission, remittances, and other financial operations, effectively complicating international payments and trading of foreign reserve currencies. These regulations have led to a rapid development of the Malaysian bitcoin market increasing demand for the cryptocurrency. Malaysia....
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The price of Bitcoin in China went past $990 this afternoon, as Chinese investors continued to push high volumes in local exchanges. Most investors at this time of the year are hoping to evade capital controls and circumnavigate cash restrictions, as noted by Holger Zschaepitz, financial author and editor of Welt. Further yuan devaluation and tightening of capital controls. Analysts revealed that Bitcoin hit record high volumes this past week, which ultimately led to its price rally and pushed the price of Bitcoin to increase by over 20 percent. Zero Hedge suggested that Chinese investors....
Bitcoin trade volumes have surged in Malaysia amid falling Ringgit and oil prices. The deteriorating global economic situation comes as a blessing to the popular digital currency Bitcoin. The activity in the digital currency market is known to be completely opposite to that of the conventional ones and Bitcoin has proven it yet again. According to reports, there has been an increase in demand for the digital currency in Malaysia followed by the weakening Malaysian Ringgits. Last week, LocalBitcoins in Malaysia is said to have registered an all-time highest trade volume of over 737,218....
Things are going smoothly for Fusang, situated in the Labuan region of Malaysia. Labuan, established in 1990, is being pitched as Malaysia’s Hong Kong. This mid-shore jurisdiction is located inside the nation but is free from its regulations and taxes. Labuan was relatively unknown until Fusang placed it on the map with its digital equity […]
The price of bitcoin continues to rise, led primarily by the exchanges in China, which have, oftentimes, been trading at a premium of $10/BTC higher than the other major exchanges around the world. With China driving such an increase in the bitcoin price, many have been speculating that it could be driven by capital controls. In China, the law stipulates that individuals cannot send more than the equivalent of $50,000 out of the country in a year. To get around this, individuals have hired smugglers to get cash out of the country, bought extremely expensive real estate in cities like New....
Bitcoin firm BitX, which focuses on bringing bitcoin services to emerging markets, has added Malaysia to its stable of exchanges. The new exchange, which has been operating live for two weeks now, allows Malaysians to link local bank accounts for both deposits and withdrawals in the local currency, the ringgit. In keeping with BitX's goal to provide local services with local staff, customer support is also available in the country's official language, Bahasa Malaysia. BitX CEO Marcus Swanepoel told CoinDesk that Malaysia is a "very tech savvy market", with bitcoin trading already active at....