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Malaysia to Impose Cash Transaction Limit of $6K in 2020: Report

Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes. The average Malaysian household spends $1,900 per month Abdul Rasheed, the deputy governor in question who works for Bank Negara Malaysia (BNM), claimed that the …

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Remittances Partnership to Use Cambodia Central Bank’s Blockchain System

Malayan Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border payments and remittances. On Oct. 16, Malaysian business news outlet The Edge Markets reported that the largest bank in Malaysia, Maybank, will work together with the National Bank of Cambodia to promote cross-border payments and remittances. With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will explore the possibility of transferring funds between Cambodia and …

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HSBC Enacts First Letter of Credit on a Blockchain in Malaysia

Major bank HSBC has announced the successful enactment of a letter of credit (LC) on a blockchain in Malaysia. The transaction English language local fintech news outlet Fintech News Malaysia reported the development on Oct. 14, noting that the transaction involved packaging firm Simply Packaging importing resin from an unspecified Singaporean chemicals company. The issuing bank was HSBC Malaysia and the nominated bank was HSBC Singapore. Per the report, this is the eleventh blockchain-powered transaction …

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Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low

Malaysia’s finance ministry says both domestic and global adoption rates of cryptocurrencies are low, notwithstanding the significant attention the disruptive sector has garnered. In its Economic Outlook 2020 report released today, the ministry nonetheless noted that several prominent firms in key economic sectors had taken steps toward digital currency adoption, according to a business news report from Bernarama on Oct. 11. Malaysia’s crypto regulatory landscape to date “Although the impact of these projects has yet …

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Malaysian Ministry of Education Fights Fake Degrees With Blockchain Tech

The Malaysian Ministry of Education has introduced E-Skrol, an application built on the NEM blockchain to deal with the issue of certificate fraud through the use of blockchain technology. In a Sept. 19 article by local news agency Bernama, the Ministry of Education in Malaysia announced that the previously introduced E-Skrol blockchain application, which makes it possible to verify the authenticity of Maylaysian educational degrees, will now be available for all public and private universities …

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