Survey: Malaysians Warm Up to Cryptocurrencies, Bitcoin Still on Top

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Survey: Malaysians Warm Up to Digital Currencies but Bitcoin Remains Clear Favorite

Investors in Malaysia are increasingly turning to digital currencies as these have actually ended up being popular financial investment chances. While bitcoin stays the clear preferred, financiers are likewise taking a look at other cryptocurrencies also, including ether, according to a brand-new study conducted by Bitcoin startup Luno.

As part of a trend that indicates rising awareness and adoption of alternative cryptocurrencies, 47.4 percent of Malaysian cryptocurrency financiers have bought bitcoins and other “altcoins,” against 52.6 percent who have only bought bitcoins. Among the most popular altcoins, ether, the native cryptocurrency of the Ethereum network, is the top winner with 56.4 percent of altcoin investors having bought the asset. Litecoin (7.4 percent), Ripple (6.5 percent) and Dogecoin (6.5 percent) also rank among the most desired coins.

“We’ve done this survey in a couple of other nations too, so a lot of trends were similar across nations. The majority of the results indicate that bitcoin adoption and usage is increasing all over,” Mriganka Pattnaik, Countries Associate at Luno, informed Bitcoin Publication.

Luno, which provides storage, exchange and transaction services, operates throughout Southeast Asia, in addition to in Nigeria, South Africa and the U.K. In Malaysia, the business has more than 100,000 verified customers.

Amongst the main factors for purchasing bitcoins, Malaysian investors mentioned financial investment (44.7 percent) as the key inspiration, followed by speed, cost and convenience (16.3 percent), and trading/speculation (15.1 percent).

Investors are rather confident in bitcoin as an investment tool, with 48.8 percent responding that they relied on the digital currency, versus 19.7 percent who said they didn’t.

Interestingly, over 55 percent of participants stated they checked the bitcoin price throughout the day, which “reveals a high level of engagement with individuals who sell bitcoin and is a favorable sign for it,” stated Pattnaik.

Much-Needed Regulation

In Malaysia, a major drawback to bitcoin adoption is the absence of guideline surrounding digital currencies. Nearly 90 percent of investors stated they would buy more bitcoins if the government passed some sort of laws around it, indicating that “policy, when it shows up, will be a significant increase for bitcoin and guarantee that bitcoin trading reaches a new high,” stated Pattnaik.The sentiment

is most likely attributable to the rise of scams and Ponzi plans that have recently emerged across Asia.

“There are numerous Bitcoin high-yield investment programs (HYIP), multi-level marketing (MLM) or Ponzi schemes that seem to have negatively impacted customers in Malaysia, like MMM Global or BitKingdom,” said Pattnaik. “Clients lose their money buying schemes that guarantee really high returns and they harbor a misunderstanding about Bitcoin.”

Previously this year, Indian police in Mumbai apprehended 18 people connected with OneCoin, a huge Ponzi scheme promoted as a “cryptocurrency with a blockchain.” The plan involved investing money in a “cryptocurrency” called OneCoin wherein individuals were guaranteed ridiculous returns.

The investigation recovered 245.7 million INR ($3.66 million) in 9 checking account, however a more 750 million INR ($11.16 million) was moved out prior to authorities were able to seize it.

The UFun billion-dollar Ponzi scheme handled to lure over 14,000 investors from Thailand, Malaysia, Indonesia and China prior to Thai and Chinese authorities started a crackdown on the people behind the scam. UFun earned money by encouraging individuals to contribute to numerous investment strategies in addition to purchase so-called UTokens, a new “cryptocurrency”that assured unrealistic profits.One such plan that’s presently active throughout Southeast Asia, and especially in Malaysia and Vietnam, is BitKingdom.

Dubbed the ” Malaysian MMM Global Ponziclone,”BitKingdom gets investment in bitcoin on the promise of a 120 percent roi after 20 days. A recommendation commission of 10 percent is paid when personally recruited affiliates invest funds. Plans like these have”tainted the reputation of the Bitcoin market as a whole,”stated Pattnaik. While the Malaysian federal government has up until now remained quiet on

the subject of bitcoin and digital currency policy, Luno continues to remain in regular contact with Bank Negara Malaysia( BNM), the nation’s main bank and financial regulator. Pattnaik said that his company has actually delivered various training sessions and workshops to the authority on the subject.”BNM has actually done a fantastic task so far in taking the initiative to find out more about the

[ Bitcoin] market and stop/prevent scams,” he said.”With concerns to policy, [managing bitcoin is] not a really simple thing to do. I can’t discuss when or how BNM will regulate the industry, however they are constantly in touch with us around this and we are more than delighted to supply them with inputs. “The post< a rel= > Survey: Malaysians Heat up to Cryptocurrencies, Bitcoin Still on the top appeared first on Bitcoin Publication.


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