So, according to the website by Bank Negara Malaysia, Bitcoin is not recognised as legal tender in Malaysia. Legal tender is a form of money that courts of law are required to recognise as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered in payment of a debt extinguishes the debt.
However, recently, the Securities Commission (SC) of Malaysia has given Bitcoin Cash the green light as Malaysia’s 5th approved cryptocurrency.
Not to confuse Bitcoin with Bitcoin Cash, we are going to breakdown the difference Bitcoin and Bitcoin Cash here for all of you readers.
Bitcoin VS Bitcoin Cash
Bitcoin is an unregulated digital currency that was launched to bypass government currency controls and to simplify inline transactions by getting rid of third-party payment processing intermediaries.
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Unlike Bitcoin which is slow and chunky, Bitcoin Cash can process transactions faster than Bitcoin and with a slightly slower transaction fee.
What is in for the newly approved Bitcoin Cash in Malaysia?
The approval was revealed for Bitcoin Cash during a live interview on Fintech News Malaysia.
During the interview, SC Executive Director for Digital Strategy & Innovation, Chin Wei Min said that Malaysia started with three cryptocurrencies and now have five digital assets within one year.
Chin later revealed that the 5th asset is Bitcoin Cash which has been provisionally approved. This however, has not been revealed previously in public domain.
Malaysia currently has 3 digital asset exchange which has been approved for cryptocurrency trading, namely Luno, SINEGY and Tokenize.