Malaysia to Limit Cash Transactions in 2020

[killerfrost]

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?

Malaysia is very developed, they have very high GDP and are in the top of Asia. So I don't think it will be too much if they don't use cash. I have traveled to Malaysia and here is really a developed country, in addition to this country also supports cryptocurrency, lots of good projects are created from this country. I am not too surprised if in 2020 or 2021 they will use cryptocurrency in their lives

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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?

Malaysia is very developed, they have very high GDP and are in the top of Asia. So I don't think it will be too much if they don't use cash. I have traveled to Malaysia and here is really a developed country, in addition to this country also supports cryptocurrency, lots of good projects are created from this country. I am not too surprised if in 2020 or 2021 they will use cryptocurrency in their lives

They will probably not support crypto anytime soon, this is probably the reason why they are not limiting the amount of money to be withdrawn by the people. They only reasoned its because of the physical cash used for illicit activities according to Bank Negara Malaysia deputy governor but the real reason could be because they are preventing people from buying crypto.

[johnwest]

I think its a great time for digital payments applications and companies. I dont know how Malasian government stands towards crypto but if there is someone who can implement a simple transnational exchange with the support of national bank then it will be a big boom for crypto community. 

[Chrystora123]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

[abhiseshakana]

Malaysia is very developed, they have very high GDP and are in the top of Asia. So I don't think it will be too much if they don't use cash. I have traveled to Malaysia and here is really a developed country, in addition to this country also supports cryptocurrency, lots of good projects are created from this country. I am not too surprised if in 2020 or 2021 they will use cryptocurrency in their lives

Malaysian GDP is lower than Indonesia and Thailand, while Malaysia's GDP per capita is lower than Singapore and Brunei. Just like the majority of other countries, the Malaysian Government does not prohibit cryptocurrency trading but prohibits cryptocurrency as a legal payment tool.
(Ref: https://en.wikipedia.org/wiki/List_of_ASEAN_countries_by_GDP)

Indeed, the use of cryptocurrency is in line with the cashless society program, but the Malaysian government is still not serious in responding to the issue of the issuance of the Malaysian crypto "coin hope". The concentration of the Malaysian government regarding the use of cryptocurrency is aimed at reducing the use of cash transactions that are prone to corruption because Malaysia believes that when cash is not used, corruption can be limited.

[BChydro]

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?

I understand that the government is enforcing people to send big amounts digitally and i guess the restrictions will not affect the poor members of the society as they are not going to pay with hard cash and i hope they will accept debit card and you do not need the credit card to transact, i am asking a genuine doubt and no offense to anyone .

[drachman]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

Just because something is new doesn't necessarily mean that it is better, cash is a very old concept and that should prove how good it is, governments are without a doubt trying to get people to move to digital transactions and that is because they can monitor their citizens in a very effective way and that is precisely why cash is still necessary in this day and age where privacy is almost nonexistent because most people are not ready to adopt cryptocurrencies yet.

[Vishnu.Reang]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

There are people out there who are unable to make online payments. What's your take on them? Making online payments need a smartphone and an internet connection. As far as I know, the government is not giving away these for free. Also, if they make such payment methods mandatory, then they need to give training to people (especially the elderly) on how to use them. And this is one of the reasons why China went back on enforcing digital payments recently.

[bohr]

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?

It is obvious what it is happening, when a government feels secure in their economic position they let their citizens enjoy the most freedom but when they feel their position is threatened they begin to pass all kind of policies to protect themselves and restricts the freedoms of their citizens, and since this is happening all over the world this is a sign that things are not right in the economic system and you should have some bitcoin saved in the case something goes wrong.

[ene1980]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

You are talking without understanding the bigger obstacles we will face in the future, lets say that you are in a dictatorship regime and if you want to revolt against them then the only possible situation you got is to say good bye to your digital funds as they will be freezing your account for good, it is a double edge sword and you need to understand all the implication it will cause when you are supporting a cause.

[mamahdedeh]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

There are people out there who are unable to make online payments. What's your take on them? Making online payments need a smartphone and an internet connection. As far as I know, the government is not giving away these for free. Also, if they make such payment methods mandatory, then they need to give training to people (especially the elderly) on how to use them. And this is one of the reasons why China went back on enforcing digital payments recently.

I don't think it's a technology problem to be a problem for online payment. if the rules are enforced I think people will follow them and in the next generation of course online payments are familiar in all communities. indeed this cannot be done instantly, but it must begin

[Bezobraznike]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

There are people out there who are unable to make online payments. What's your take on them? Making online payments need a smartphone and an internet connection. As far as I know, the government is not giving away these for free. Also, if they make such payment methods mandatory, then they need to give training to people (especially the elderly) on how to use them. And this is one of the reasons why China went back on enforcing digital payments recently.

   People who are unable to make online payments will have to adapt, they will find someone to do that for them or they will learn
how to do it. Percent of people who are unable to make online payments is decreasing everyday! Old people who don't like technology
are dying and new generations will replace them all, even us in the end.
    I am reading about Malaysia with enthusiasm, one more country that plan to limit cash transactions. This is the beginning of the end
for cash money!

[AjithBtc]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

There are people out there who are unable to make online payments. What's your take on them? Making online payments need a smartphone and an internet connection. As far as I know, the government is not giving away these for free. Also, if they make such payment methods mandatory, then they need to give training to people (especially the elderly) on how to use them. And this is one of the reasons why China went back on enforcing digital payments recently.

I don't think it's a technology problem to be a problem for online payment. if the rules are enforced I think people will follow them and in the next generation of course online payments are familiar in all communities. indeed this cannot be done instantly, but it must begin

Already several countries have initiated this plan, but on the execution it won't be that effective. Malaysia being technology wise developed and have got low population than many other countries seems to make the changes happen in an effective manner without much complications. Already countries like India have taken initiative with the term digital India, but the activities aren't supportive for the same. The term digital is used to bribe the people with ease.

[abhiseshakana]

It is obvious what it is happening, when a government feels secure in their economic position they let their citizens enjoy the most freedom but when they feel their position is threatened they begin to pass all kind of policies to protect themselves and restricts the freedoms of their citizens,

Come on brother, why do you have such thoughts. Basically, all regulations made by the government aim to secure the nation and state, there are no regulations aimed at weakening the state and its people. Even though some elements in the government act improperly, it does not mean that the government does not maintain and protect the security and welfare of its people. This is precisely the task of citizens to assist the government in upholding justice and supporting every step of the government.

and since this is happening all over the world this is a sign that things are not right in the economic system

Why is it sporadic in the whole world, because the threats faced by all countries are almost the same, ranging from terrorism, corruption, collusion, nepotism, drugs, and human trafficking.

In addition, I see that this is not just the government's fault, some countries, especially those who do not exercise their right to vote or do not elect properly their people's representatives, so that the elected people's representatives cannot represent their interests.

and you should have some bitcoin saved in the case something goes wrong.

Ready umbrella before it rains is a smart action, but I suggest the existence of derivation of investment, bitcoin is the first choice in current conditions, but there is no harm in storing precious metals.

[Brunus]

It is not the first country at all, almost everywhere there is a limit to the use of cash, which in some countries is ridiculously low (to say, in Ecuador a 100 dollar bill can only be changed in the bank).
In Italy, from this year the MONTHLY cash limit will be 2000 euros per person.
So, trouble everywhere.

[jameshugo17]

With cash transactions it may be easier to evade taxes. If the whole trade takes place digitally, everything will be recorded. But here's the problem. Injustice in income distribution. We see the most vivid examples of this in the Middle East.

[bohr]

It is obvious what it is happening, when a government feels secure in their economic position they let their citizens enjoy the most freedom but when they feel their position is threatened they begin to pass all kind of policies to protect themselves and restricts the freedoms of their citizens,

Come on brother, why do you have such thoughts. Basically, all regulations made by the government aim to secure the nation and state, there are no regulations aimed at weakening the state and its people. Even though some elements in the government act improperly, it does not mean that the government does not maintain and protect the security and welfare of its people. This is precisely the task of citizens to assist the government in upholding justice and supporting every step of the government.

I have no problems with those that disagree with me after all we are all entitled to our own opinion, but to me that is just an excuse, if they want to go against the bad guys that are using cash in an illegal way then they should do that, however what we see is that they create laws that apply to the whole population when most people are honest about what they're doing with their money, so when I see a law like that and the supposed benefits that it will bring I simply do not buy it, they are just hiding what they really want to do with the excuse of protecting the population.

[Argoo]

Personally, I strongly support Malaysia's plan, cash transactions really need to be reduced to make efficiency in transactions.  cash is an old concept, I have started using online transactions in various important activities such as buying daily necessities, buying gasoline and paying bills, in addition to greatly facilitating me, I can also monitor how much I spend money every month.

I do not support such measures by the Government of Malaysia. No need to set limits on the use of cash. It would be more reasonable to introduce a rule to make large purchases and transactions by bank transfer, however small household purchases cannot be limited in the use of cash. This is clearly not a fight against abuses in the use of cash. Either the Malaysian government has other goals, or such steps are unreasonable.