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Malaysia to regulate cryptocurrency and ICO in 2019

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The government of Malaysia is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019.

The Star, local media in Malaysia reported that the government is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019. In the news, the media reported that Lim Guan Eng, the finance minister of Malaysia was updated by the Securities Commission of the country about the same.

Unlike largely populated countries like China and India who completely banned cryptocurrencies, Malaysia has taken a great step in regulating digital assets rather than straight away putting a stop on it as the government believes in the adoption of new technologies such as bitcoin.

Lim Guan Eng also adviced all companies and parties that wish to introduce their own cryptocurrencies such as bitcoin in the form of initial coin offerings to consult country’s central bank: Bank Negara Malaysia which will be responsible for the decision on the financial mechanism.

Malaysia has been adopting the blockchain technology lately in many industries including the setting up of a university degree verification system on the blockchain.

Malaysia also has plans to introduce their own government-backed cryptocurrency which was stated to be put on hold at the moment before the regulations are drafted early next year.

Despite the cryptocurrency market crash, the adoption of bitcoin and blockchain technology seems to be rising rapidly throughout the world. India, which earlier banned cryptocurrencies this year has stated that their government is working on drafting the regulation for bitcoin and cryptocurrencies which will be out early next year. With the upcoming Bakkt exchange and ETF approvals, and a lot more upcoming in the cryptocurrency market there is a huge scope for bitcoin and other prominent cryptocurrencies to rise massively in 2019.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Now Send & Receive Bitcoin and other Cryptos through Whatsapp

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People will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

It seems that the people will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

 

Send Bitcoin through Whatsapp:

The cryptocurrency wallet service by Wuabit will allow people to send, receive, trade, shop and access their cryptocurrencies using the Whatsapp messenger.

 

The Wuabit team also aims to add other social media platforms such as Telegram, Facebook and Viber to their supporting platforms. A publication by The Express, a local news outlet in Britain states that the beta version of the wallet service shall be available for the public from April.

 

According to Wuabit, Artificial Intelligence technology shall be a large part of the wallet service and people will be able to send, receive or trade cryptocurrencies by just typing messages such as “Send 0.2 BTC to John”.

 

According to Wuabit, they are a cryptocurrency wallet which is accessible through a chat interface. The publication on the official website of the company mentions the different security, privacy and the process through which people will be able to transact cryptocurrency.

 

A team member spoke to The Express stating that they will be starting off with Bitcoin only. People will be able to access the wallet service by Whatsapp, Telegram and even SMS.

 

The cryptocurrency payments through WhatsApp messenger which has a massive user base will be able to introduce the crypto space to a large number of people.

 

There are also rumors all around the cryptocurrency space that Facebook is soon going to launch its own cryptocurrency for the Whatsapp messenger for the users in India. Whatsapp is the most used messaging app in the country of over 1,3 billion people.

 

What are your thoughts on the Wuabit wallet service for Whatsapp and platforms? Do you think it will boost the adoption of cryptocurrencies? Tell us in the comments section below.

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The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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