Bitcoin trading is going through peaks and lows everywhere in the world at some point in history. Over the past few weeks, however, some countries seem to show an increased interest in this cryptocurrency. Particularly Malaysia stands out, although that is not entirely surprising, given their stance on easing Fintech regulation in general.
Malaysia is one of those countries where people are flocking to alternative investment solutions. Anyone who has been keeping an eye on the financial situation in that country will know things are not looking good. Money laundering is running rampant in Malaysia these days, and some of the major banks and investment funds are involved in the process.
Bitcoin Can Thrive in Malaysia
Earlier this week, news broke about the 1Malaysia Development Bhd, which is a state-owned fund, being involved in embezzlement and money laundering. Although many experts felt something was up with 1MDB for quite some time, they were never able to make these claims stick.
According to some sources, 1MDB laundered US$1bn of misappropriated funds through banks in the United States. Once again, this is another example of why banks cannot – and should not – be trusted by anyone. The financial ecosystem we know facilitates money laundering and embezzlement, and this situation has been going on for quite some time now.
This international investigation has got the press on high alert, bringing more scrutiny to the Malaysian economy than ever before. Combine this unwanted attention with low oil prices, and the situation is quickly deteriorating. Investors are losing confidence in traditional investment opportunities, as the state and banks control the majority of them.
All of this is creating plenty of possibilities for Bitcoin adoption to thrive in Malaysia. While the banks and financial institutions are scrutinized by law enforcement, the general Fintech ecosystem is booming. Moreover, the government recently decided to ease off on regulating these startups, which is positive news for Bitcoin in Malaysia as well.
LocalBitcoins charts go to indicate there is a growing demand for Bitcoin in Malaysia as we speak. The demand for Bitcoin has been growing steadily over the past few months, and bigger spikes are noted on the charts If this trend continues, Bitcoin seems prime for a major price boost in the coming weeks.
Source: Coin Dance
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