The Bitcoin Cash (BCH) has received preliminary approval by the Security Commission (SC) to be a digital asset in Malaysia enabling more digital payment alternatives driven by digital technology.
According to Fintech News Malaysia, the approval was revealed by SC Executive Director for Digital & Innovation, Chin Wei Min, speaking during a live interview on its platform. However, it has yet to be announced in the public domain.
The potential approval will bring the total digital assets including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) in Malaysia to five in the span of one year.
Primarily driven by its value, this implies that Malaysia will soon be able to buy and sell BCH on authorised cryptocurrency platforms.
However, SC also prompted a reminder for users to be vigilant with digital security to avoid potential digital fraud and investment. To note, Malaysia has only three authorised digital exchange platform- Luno, SINEGY and Tokenize.
Meanwhile, the incumbent has put the motion for the entrance of country’s first digital bank which the much-anticipated framework, was released on December 2020 last year.
With the forthcoming launch of this digital asset, it will force acceleration in the banking sector and fintech with new and innovative business models.
It also brings the incumbent and players opportunities to raise the bar for the digital banking segment to appeal their customers.
