Bitcoin Thrives in Malaysia
Increasing financial corruption and a weakening currency pushes people to try alternative financial systems like Bitcoin. No wonder that Bitcoin is thriving in Malaysia. 1MDB – Malaysia's Brush with High Level Corruption. 1Malaysia Development Bhd, or 1MDB as it is popularly known, is a state investment vehicle set up in 2009 to turn Kuala Lampur into a global financial hub. It started to run into problems in 2015 and has missed repayments on its debt obligations this year. More than 10 countries across the world (including US, Switzerland and Singapore) have opened investigations into its....
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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 […]
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....
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....
Over 1,000 bitcoin mining machines have been totally destroyed in Malaysia after they were seized for illegally mining the cryptocurrency using stolen electricity. The mining machines, worth about $1.26 million, were steamrolled in the Malaysian city of Miri and eight people have been arrested so far. Over a Thousand Bitcoin Mining Machines Demolished in Malaysia Malaysian authorities have completely destroyed 1,069 bitcoin mining machines confiscated between February and April with a steamroller, local media reported Friday. The mining machines were seized in a joint operation carried out....
In what is probably starting to be the "cool" thing to do, yet another central bank has come forth and issued a statement on the perils of bitcoin. This time around, it's the Central Bank of Malaysia, Bank Negara Malaysia. In a three-sentence statement, the bank virtually swatted down bitcoin as if it were a pesky fly, stating immediately that it does not recognize bitcoin as legal tender in Malaysia. The Bank does go on to mention that bitcoin shall not be regulated, which for some is great news, and perhaps not-so-great news for others (who know nothing about it). "The public is....