Malaysia to Limit Cash Transactions in 2020

[abhiseshakana]

This is really weird and unimaginable I'm glad that they are not thinking of doing this here in our country, this is the first time I read that, what could be the consequences of this, but it's punishing the people because if one family will be building a house and yet you cannot transact with cash how they are going to complete that, or they want to promote the use of cards, I don't know where will this lead and how will their people cope with this.

There is nothing strange in this regulation because, in reality, there are currently many countries implementing policies to limit payment transactions in cash. Changes in community lifestyle trends that are increasingly mobile, practical, and globalized, can no longer be avoided. Anyone must follow the trend to survive.

The pattern of transaction habits has shifted from cash to non-cash. Arrangement of restrictions on the use of currency transactions encourages and educates the public to optimize the use of banking services and other financial service providers. Transaction restrictions also support the concept of bank channels in several developing countries, one of which is to align themselves with developed countries.

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[bitvestorhacked]

I have been following this news for months now, the truth is we will only find out more next year, this sanction was actually placed this year somewhere around March but the only people affected was just the minimum wage earners, big time businessmen was not affected but again we will see next year how much they push it, for crypto adaptation in Malaysia, it is already becoming a big deal, there are new people joining the crypto family from Malaysia but the second issue is that many of them have no experience and jumping in with two feet and i think that might be a problem because lots of them might fall to crypto scams and this will also cause negative effect in the community, i would advise more awareness be created for new crypto users in Malaysia for more understanding.

[adzino]

I have been following this news for months now, the truth is we will only find out more next year, this sanction was actually placed this year somewhere around March but the only people affected was just the minimum wage earners, big time businessmen was not affected but again we will see next year how much they push it, for crypto adaptation in Malaysia, it is already becoming a big deal, there are new people joining the crypto family from Malaysia but the second issue is that many of them have no experience and jumping in with two feet and i think that might be a problem because lots of them might fall to crypto scams and this will also cause negative effect in the community, i would advise more awareness be created for new crypto users in Malaysia for more understanding.

I think you are saying the exact opposite. How come people earning minimum wage be affected by this monetary policy and not those that are big businessmen or deals with large sum of money daily? The poor won't even reach the limit while those rich people will be affected by it within a day. Though I am not quite sure how this policy is being imposed and how this going to help reduce "abuse" (again what kind of abuse?) of money. Another guy over here said that this limit applies to only physical cash transaction and electronic transaction has no limit. Like how would they be tracing each and every physical transaction? They would be almost impossible.

[drachman]

This is really weird and unimaginable I'm glad that they are not thinking of doing this here in our country, this is the first time I read that, what could be the consequences of this, but it's punishing the people because if one family will be building a house and yet you cannot transact with cash how they are going to complete that, or they want to promote the use of cards, I don't know where will this lead and how will their people cope with this.

This is without a doubt an obvious attempt to try to restrict what you do with your money, as long as you obtained your money in a legal way a government should have no reason to stop whatever you are doing and yet that is not what we see, governments want to regulate everything that you do with your life and one of the easiest ways in which they can achieve this goal is by regulating everything that you do with your money and one very obvious step is to limit what you can do with your cash.

[Vishnu.Reang]

I have been following this news for months now, the truth is we will only find out more next year, this sanction was actually placed this year somewhere around March but the only people affected was just the minimum wage earners, big time businessmen was not affected but again we will see next year how much they push it, for crypto adaptation in Malaysia, it is already becoming a big deal, there are new people joining the crypto family from Malaysia but the second issue is that many of them have no experience and jumping in with two feet and i think that might be a problem because lots of them might fall to crypto scams and this will also cause negative effect in the community, i would advise more awareness be created for new crypto users in Malaysia for more understanding.

I don't think that this will be successful. A lot many countries have tried to limit the circulation of physical cash, and none of them become successful in doing it. Even here in India, the government has been trying the same since 2014, but still there are no concrete results. Most of the transactions are being done in physical cash. And now I guess they have stopped encouraging digital payments as well.

[bitvestorhacked]

Electronic transaction is already limited to 3k to 30k  for Maybank and 3k to 30 for CIMB  but believe me some people do have up to 50k for Hong Leong some 100k and above, but then the minimum wage earners don't get the option to increase their limits and if this sanctions falls through, those having high electronic transfer figures won't be affected the news will say they are but they wont be. Cash transfers will go on as usual and new players will suffer this development and those that have not had high volume transfers. So the fact they cannot manage and trace every transfers they will just limit the new ones and regular people, or as they are doing now closing down bank accounts, over 20,000 bank account has been shut down in Malaysia this year, this is them trying to avoid all this messy tracing and limits on transaction, you talk about physical cash having limits,

Like how would they be tracing each and every physical transaction? They would be almost impossible.

who has physical cash this days to amount to the limits, after business hours  daily some deposit to the bank daily via deposit machine while others walk in with wade of cash the next day if big companies, banks wont reject making the deposit when you are sitting in the bank holding a company account and a receipt from sales.

I personally believe the policy wont hold but the regular will suffer it, because they will be the target when an unusual transfers starts taking place, so this will only apply for electronic transfer and never cash, you can't trace cash that is not in the system

I have been following this news for months now, the truth is we will only find out more next year, this sanction was actually placed this year somewhere around March but the only people affected was just the minimum wage earners, big time businessmen was not affected but again we will see next year how much they push it, for crypto adaptation in Malaysia, it is already becoming a big deal, there are new people joining the crypto family from Malaysia but the second issue is that many of them have no experience and jumping in with two feet and i think that might be a problem because lots of them might fall to crypto scams and this will also cause negative effect in the community, i would advise more awareness be created for new crypto users in Malaysia for more understanding.

I think you are saying the exact opposite. How come people earning minimum wage be affected by this monetary policy and not those that are big businessmen or deals with large sum of money daily? The poor won't even reach the limit while those rich people will be affected by it within a day. Though I am not quite sure how this policy is being imposed and how this going to help reduce "abuse" (again what kind of abuse?) of money. Another guy over here said that this limit applies to only physical cash transaction and electronic transaction has no limit. Like how would they be tracing each and every physical transaction? They would be almost impossible.

[davinchi]

The restriction on cash transaction might not affect those that live the average life I guess? Just saying because they spend around 8,000 Ringgits, but businesses will never agree with the restrictions that have been put in place. I believe there are businesses that are transacting way more than that amount (25,000) every month, and those are the big businesses in the country.

The reason for the restriction is to combat financial crimes, but in everything there is always the downsides, and there will always be people that will not agree with it.

I personally believe the policy wont hold but the regular will suffer it, because they will be the target when an unusual transfers starts taking place, so this will only apply for electronic transfer and never cash, you can't trace cash that is not in the system

I believe these types of restrictions will lead people to adopt cryptos in the end. Not just Malaysia, I heard India is also putting lots of restrictions and they are too rigorous on cryptos too but I do see my friends from India are slowly adopting bitcoins for their all needs. Simply, I welcome Malaysia's this move as it will help their citizen to adopt in one or another way.

[drachman]

I personally believe the policy wont hold but the regular will suffer it, because they will be the target when an unusual transfers starts taking place, so this will only apply for electronic transfer and never cash, you can't trace cash that is not in the system

I believe these types of restrictions will lead people to adopt cryptos in the end. Not just Malaysia, I heard India is also putting lots of restrictions and they are too rigorous on cryptos too but I do see my friends from India are slowly adopting bitcoins for their all needs. Simply, I welcome Malaysia's this move as it will help their citizen to adopt in one or another way.

This is what I think as well, governments believe that they can order their citizens to do whatever they want and that they are going to obey, and for the most part this is correct right now, but at the end people are always going to want to have as much freedom as possible and eventually they are going to realize that what is happening is a serious threat to their privacy and to their freedom and they will eventually take the necessary steps to regain that freedom and the best way to do that is with cryptocurrencies.

[Pinkris128]

Restricting and limiting cash transaction would a great idea from country like malaysia because there is a huge chance that more people would start to adopt bitcoin and cryptocurrencies, but on the other hand it might not be successful because there will still people who does not want online transations and digital currency like bitcoin that they still have trust issues about buying bitcoin and using it.

[slashz9]

if  they say it like that, it's a bit confusing where the action is not only detrimental to the businessman but the bank and government also, it can't be said that all activities carried out can be monitored, but if bitcoin or crypto comes in, will illegal actions be reduced?
certainly not because of the use of bitcoin using a decentralized system.
I do support bitcoin and crypto but this statement is a bit strange.

[deadthings]

There are many other countries that are doing the same. The prime reason is that the government wants your money to move through banks only, so that the government can be able to collect tax in a better manner and control things like money laundering, illegtimate cash payments between drug dealers etc.

[Argoo]

Indeed, such measures are a little strange. The government issues its paper money in order to then limit its circulation. In these measures, there is logic only if transactions are carried out for large amounts and in this case it is simply practical to do this by non-cash payment. Also, such transactions can be easily controlled and ensure the receipt of taxes. However, for small transactions, no matter how many there are, in my opinion, it is not entirely correct. Cash turnover provides economic growth. However, the world is now moving towards an increase in cashless payments. Therefore, let this government experiment. Let's see what happens.

[Rasa nanas]

in my opinion this problem has nothing to do with bitcoin and will not have any effect on bitcoin. the Malaysian government only wants the Malaysian public to do more online cash transactions to make it easier for the government to conduct surveillance. I understand the direction of this news but I still say if this news does not have a relationship with bitcoin.

[btcmurat]

Malaysia is striving for a new economic model. The world will move to a new system. I think the developing countries will disappear. The world will experience a 2-tier division. Developed countries are undeveloped countries. When cash transactions are limited, control will increase and it will be easier to spend money. Because the target is the spread of online shopping.

[Assface16678]

Malaysia is striving for a new economic model. The world will move to a new system. I think the developing countries will disappear. The world will experience a 2-tier division. Developed countries are undeveloped countries. When cash transactions are limited, control will increase and it will be easier to spend money. Because the target is the spread of online shopping.

As one of the biggest country that improving today is Malaysia, they have now the number transaction that increases their GDP, and as their improvement for their country, they also adopt the use of bitcoin or cryptocurrency to attract more foreign transaction without any hesitation. The government of Malaysia in this year accepts the bitcoin trading and mining on their country, and they are not restricted this kind of action because they know this is part of improvement in blockchain and also to their country, if they continuing this it becomes they grow as the largest country too, but the security of each transaction will be more strictly. Before they are not limiting the transaction for each people because of the too large amount of money coming from an account. To handle each transaction, where is the money came from to make sure its authenticity.

[imstillthebest]

in my opinion this problem has nothing to do with bitcoin and will not have any effect on bitcoin. the Malaysian government only wants the Malaysian public to do more online cash transactions to make it easier for the government to conduct surveillance. I understand the direction of this news but I still say if this news does not have a relationship with bitcoin.

that will be more hard for them to track transactions if it done online   . you said they will be using cash for online transaction ? how come when they want to limit cash transaction ? they should have use other payments methods like cryptos  such as btc  which they will be .
so you still think that this wont have afect on btc  ? it does affect btc but mostly in a positive manner  .  malaysia is one of the country that are now doing steps to transform the way people transact   . that is cool   .

[drachman]

Restricting and limiting cash transaction would a great idea from country like malaysia because there is a huge chance that more people would start to adopt bitcoin and cryptocurrencies, but on the other hand it might not be successful because there will still people who does not want online transations and digital currency like bitcoin that they still have trust issues about buying bitcoin and using it.

When you look at things from that perspective then this could be good for bitcoin because if people get mad about the restrictions that are being put over their shoulders they may begin to use cryptocurrencies that are not controlled by the governments to use their money as they want, but I do not know how popular bitcoin is in a country like Malaysia, it is possible that we do not really see any change in the adoption of bitcoin in that country, but if those policies begin to be applied all over the world that could make a great difference to increase the level of adoption of bitcoin around the world.

[Sithara007]

No matter how hard they try, it is not possible to eradicate physical cash. Even here in India, more than 80% of the transactions are still being done using physical cash, despite the push from the government towards online methods. Here it is even illegal for anyone to hold more than INR 200,000 ($3,000) in cash. But that hasn't stopped the cash transactions, as people don't want any sort of surveillance from the tax authorities.

[Maheshkumar_Hrangkhawl]

Fiat cash in physical form has existed for many centuries, while the digital version is only a few decades old. There are a lot of people who are not comfortable with the digital payment methods. So banning physical cash is not something that I would support. In my hometown, I have seen people getting scammed with many of these methods.

[bobitza]

If Malaysia restricts cash transactions by 2020, I think it will be difficult for this country. How will people here pay for daily services? Not everything transfers or payments are made with digital money. All daily dining, shopping, shopping ... cash payment is quick and convenient. Not all Malaysians are wealthy and can pay by credit card. And what do you think about this issue?