It seems that they are trying to control cash flow, limiting cash transactions will make transactions more transparent. This makes the anonymity of monetary transactions lost. Cashless transactions will reduce costs such as printing costs, transportation costs and cash flow losses.
It seems that Indonesia is learning from China and other countries in the region about making cashless transactions.
Topic: Malaysia to Limit Cash Transactions in 2020 - page 3. (Read 1494 times)
Even if the cash transactions are put on hold there are other ways by which people can simply speaking .. pay whatever they want and this way I think cryptocurrencies will come handy ...
Because I don't know how many people will be open for the payment in terms of other traditional methods , and I think the government will leave the bank cards open for transactions made after the cash limit have reached .
They are simply trying to reduce the black money in the market and it might work if implemented successfully with certain pre defined laws.
Because I don't know how many people will be open for the payment in terms of other traditional methods , and I think the government will leave the bank cards open for transactions made after the cash limit have reached .
They are simply trying to reduce the black money in the market and it might work if implemented successfully with certain pre defined laws.
I guess this is all for the control of the use of cash. You and I know that cash can be abused. In fact, it is already used by many criminals. Drug lords, terrorists, and other huge syndicates are mostly using cash. This is actually detrimental to the economy of the country in one way or another because by limiting the use of cash, the people will be limited in their spending and expenses. That affects the economy. This might really be another reason for the people in this country to use crypto instead.
WTF man? Do you want to make physical cash illegal just because a few criminals use it? And do you really think that criminal activities can be prevented if we replace physical cash with digital versions (either digital versions of fiat, or cryptocurrencies)? IMO, it will just have the opposite effect, as most of the crime syndicates have now found methods to launder cash using these digital payment methods. The real reason for this move is not to prevent money laundering and crime, but to spy on the citizens to find out from where their wealth is coming from, so that they could be taxed more efficiently.
this is a weird decision if I ever seen one
I would understand limiting derivatives and electronic money but trying to limit cash sounds like a start of the Orwell's anti utopia
in a world without cash you can be simply turned off and won't be able to pay for anything
for example , the government thinks you are a threat and you find your cards blocked , your accounts frozen
and you won't be able to buy food or pay for the bare necessities you need
I hope they do not go through with this ridiculous plan
I would understand limiting derivatives and electronic money but trying to limit cash sounds like a start of the Orwell's anti utopia
in a world without cash you can be simply turned off and won't be able to pay for anything
for example , the government thinks you are a threat and you find your cards blocked , your accounts frozen
and you won't be able to buy food or pay for the bare necessities you need
I hope they do not go through with this ridiculous plan
I guess this is all for the control of the use of cash. You and I know that cash can be abused. In fact, it is already used by many criminals. Drug lords, terrorists, and other huge syndicates are mostly using cash. This is actually detrimental to the economy of the country in one way or another because by limiting the use of cash, the people will be limited in their spending and expenses. That affects the economy. This might really be another reason for the people in this country to use crypto instead.
WTF man? Do you want to make physical cash illegal just because a few criminals use it? And do you really think that criminal activities can be prevented if we replace physical cash with digital versions (either digital versions of fiat, or cryptocurrencies)? IMO, it will just have the opposite effect, as most of the crime syndicates have now found methods to launder cash using these digital payment methods. The real reason for this move is not to prevent money laundering and crime, but to spy on the citizens to find out from where their wealth is coming from, so that they could be taxed more efficiently.
Yes, but this is about not just citizens, but about very wealthy ones, those who can afford spending over $6,000 on goods or services at once. Maybe it would be not that bad if such people could be taxed more efficiently. But that's of course if the money from taxes wouldn't be stolen by corrupt government officials, which is frequently the case.
Probably just first in a series of countries to do so.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
I think the future belongs to the digital transaction and slowly the cash transaction would be reduced and this crypto currency would play a vital roles in doing so and thus this market will widen and the price will continue to rise in coming time .
I don't really know the real reason for the Malaysian government to limit cash transactions in 2020. I'm just guessing the possibility
it is to introduce to the public an alternative payment through digital currency, so the government wants the citizens follow the
development of technology in the financial sector. And the next reason might be to reduce illegal transaction activity, such as terrorists,
corruption, money laundering, and drug smuggling. What we know is that many illegal activities use cash. Malaysian government policies
related to cash transaction limits can make cryptocurrency a solution used by Malaysians citizen to make transactions.
it is to introduce to the public an alternative payment through digital currency, so the government wants the citizens follow the
development of technology in the financial sector. And the next reason might be to reduce illegal transaction activity, such as terrorists,
corruption, money laundering, and drug smuggling. What we know is that many illegal activities use cash. Malaysian government policies
related to cash transaction limits can make cryptocurrency a solution used by Malaysians citizen to make transactions.
I guess this is all for the control of the use of cash. You and I know that cash can be abused. In fact, it is already used by many criminals. Drug lords, terrorists, and other huge syndicates are mostly using cash. This is actually detrimental to the economy of the country in one way or another because by limiting the use of cash, the people will be limited in their spending and expenses. That affects the economy. This might really be another reason for the people in this country to use crypto instead.
WTF man? Do you want to make physical cash illegal just because a few criminals use it? And do you really think that criminal activities can be prevented if we replace physical cash with digital versions (either digital versions of fiat, or cryptocurrencies)? IMO, it will just have the opposite effect, as most of the crime syndicates have now found methods to launder cash using these digital payment methods. The real reason for this move is not to prevent money laundering and crime, but to spy on the citizens to find out from where their wealth is coming from, so that they could be taxed more efficiently.
Probably just first in a series of countries to do so.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
Wait until they limit something that are in their way to take over the control to all people's money. this time they are limitting the cash transaction tomorrow they will limit the use of crypto or even ban it because it opposes the initial idea of why they are limiting cash which is to force people into using the banking or even digital system. Government that always limit about something like this is no good at all and people shoud have more right to what they could do. it's their money after all not the government's even if the limit is big enough but there are some people who did that transaction surpassing the limit.Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
Probably just first in a series of countries to do so.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
Wait until they limit something that are in their way to take over the control to all people's money. this time they are limitting the cash transaction tomorrow they will limit the use of crypto or even ban it because it opposes the initial idea of why they are limiting cash which is to force people into using the banking or even digital system. Government that always limit about something like this is no good at all and people shoud have more right to what they could do. it's their money after all not the government's even if the limit is big enough but there are some people who did that transaction surpassing the limit. Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
I have one question to people in their government, are they sane? Where's the same?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
It's not about buying foods in supermarket. If the restriction will be implemented, people who buy food, clothes and various items for their daily needs with cash won't be affected at all, because the proposed limit for a single transaction is 25,000 MYR(almost $6,000 USD). Regular people rarely, if ever, buy something with that amount of cash at once.
I have one question to people in their government, are they sane? Where's the same?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
It's not about buying foods in supermarket. If the restriction will be implemented, people who buy food, clothes and various items for their daily needs with cash won't be affected at all, because the proposed limit for a single transaction is 25,000 MYR(almost $6,000 USD). Regular people rarely, if ever, buy something with that amount of cash at once.
I have one question to people in their government, are they sane? Where's the same?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
Government has problems inside, not as good policemen as needed and for various reasons, number of illegal activities are increased and in order to fix this, they limit usage of cash? Hey, what about elder people who don't use visa/master cards, can't do bank transactions or don't have access to computer/internet? Because fool people can't fix something, they found another way- fix things by limiting people who have no duty of it.
Personally I don't find this action fair, am I doing something illegal by buying foods in supermarket via cash? Why it has to be limited?
Maybe they will adopt cryptocurrency, but I don't know the particular they will be adopting. Some of them might not like to adopt Bitcoins because of volatility.
This has always been the problem with people adopting the Bitcoin as a currency, they are always afraid that they might store their money with it and the price will drop and they will end up losing their money in it.
If the FB Libra project was a success I can imagine that a lot of people will start adopting it quickly since it's a stable coin and backed up by some assets that will keep the price at the same level with the US Dollar.
I think, it is not about bitcoin. The Malaysian government plans to introduce blockchain technology and concept of e-wallets to its citizen for their ease. We cannot question the importance of new technologies regarding improving our existing systems. Malaysia is with bitcoin already and the volatility is the need of present time. Investors wont fear it if they do some research first. FB Libra has still to make its way into digital coin market. This has always been the problem with people adopting the Bitcoin as a currency, they are always afraid that they might store their money with it and the price will drop and they will end up losing their money in it.
If the FB Libra project was a success I can imagine that a lot of people will start adopting it quickly since it's a stable coin and backed up by some assets that will keep the price at the same level with the US Dollar.
My bank actually called me the same day those implementations came out, probably because there were 2 transactions in the past years that well exceeded those amounts. It was actually for work, I was helping out my employer branch to transfer money, I was the only non-sanctioned nationality in the country at the time and strangely enough, it all went through. I did need to clarify then, and they were reluctantly satisfied but my point is this cash limit applies to electronic and wire transfers (which is what I used) as well.
I have to say though, the 25k MYR limit is really quite huge. The article says 8k a month is the average, but I can tell you that my own family of 5 spends about 3k. And the average wage in my state for a family of 2 earners is 3k.
So really, this is definitely targeting high-volume businesses and individuals, and this country has a long history of helping launderers =p
I think the ruling is fine, and if people have an issue, well, Bitcoin.
I have to say though, the 25k MYR limit is really quite huge. The article says 8k a month is the average, but I can tell you that my own family of 5 spends about 3k. And the average wage in my state for a family of 2 earners is 3k.
So really, this is definitely targeting high-volume businesses and individuals, and this country has a long history of helping launderers =p
I think the ruling is fine, and if people have an issue, well, Bitcoin.
This is interesting, but I think Malaysia wants to curb corruption, money laundering, and other financial fraud and illegal activities. Also, I think they may have exceptions for big corporations and businesses as this limit may jeopardize their operations. @buwaytress you are correct, bitcoin will have a great role for this.
Probably just first in a series of countries to do so.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
Australia is trying to limit cash use as well, with more and more limits imposed on cash deposits and cash based transactions. This severely limits the utility of cash, which seems like a good thing on the surface, but really takes away some of the fungibility and reliability of the payment system.
This could be an area where BTC could fill in once again, re-creating the fungibility that cash once had.
~The article says 8k a month is the average, but I can tell you that my own family of 5 spends about 3k. And the average wage in my state for a family of 2 earners is 3k.
This is interesting because I too think 8k MYR for one family per month is an exaggerated amount for a country like Malaysia. It's almost 2,000 USD, and I thought an average Malaysian family lives on much less than that. But what is literally said there is "An ordinary household in Malaysia is said to spend around 8,000 Malaysian Ringgit (RM) per month", and now I think, maybe "household" doesn't mean "family"? I've never been to Malaysia, and I have little knowledge about how people live there. Is it possible that by "household" they mean 2-3 families living under the same roof?
It is not certain that Malaysia will impose or legalize bitcoins they should also consider it in various aspects.
I think they will do another way first, before actually doing this.
I really like if the development of BTC and Crypto is wider, but it is not easy and fast.
I think they will do another way first, before actually doing this.
I really like if the development of BTC and Crypto is wider, but it is not easy and fast.
Jump to: