Bitcoin Picks Up in Malaysia as Ringgit Falls
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....
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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....
Taxi passengers in the Malaysian cities of Kuala Lumpur and Johor Bahru can now pay for their rides in bitcoin, thanks to a booking service called Taximonger. Bitcoin Malaysia reported that it believes Taximonger offers the first opportunity for Asian taxi customers to use bitcoin, adding that for Malaysia it also represents the first cashless payment system for cabs, a long overdue addition. Taximonger offers a simple taxi matching service for passengers and about 1,400 drivers. There are apps for both iOS and Android, and customers can also book using the website. Rather than scanning QR....
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 […]
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In the past two years, law enforcement authorities in Malaysia have arrested hundreds of individuals for theft of electricity allegedly used to mint digital currencies. The country’s police force has also confiscated equipment worth millions of dollars.
Malaysia Police Announce Results From Crackdown on Illegal Mining
Since 2020, Malaysian authorities have detained a total of 627 people involved in crypto mining activities using stolen electrical power, the country’s Bernama news agency revealed. During the same period, law enforcement officials also seized mining....