Malaysia is set to become the latest country to impose restrictions on cash transactions. The move could force more people to look towards bitcoin and crypto adoption in general as a way of getting around such limitations.
Cash Restrictions May Boost Bitcoin Adoption
The Malaysian government plans to impose restrictions on cash transactions reports local media platform The Star. According to the publication, the move is part of efforts to combat money laundering in the country.
Commenting on the plan, Datuk Abdul Rasheed Ghaffour, the deputy governor of Malaysia’s central — Bank Negara (BNM), remarked:
This is to address the abuse of physical cash used for illicit activities.
Malaysian economist, Barjoyai Bardai believes the proposed cash transaction limit in the country could boost digital currency adoption.
For Bardai, having…