Malaysian Ringgit

The Central Bank of Malaysia is the Bank Negara Malaysia.

The national currency is the Malaysian Ringgit (MYR).

The Malaysian economy is large at about 401 billion USD a year GDP (35th in the world).

The question of CBDC adoption was considered in 2017.  

The matter was considered again in 2020 and the BNM stated the CBDC space was to be watched. 

Malaysia has a 85 percent banked population with 83 percent Internet usage.

These are key factors in CBDC adoption especially retail CBDC.

Given the factors involved it is likely Malaysia will adopt CBDCs especially once Thailand and others in the region adopt them.

 

 

“At the moment, the Bank does not have any immediate plans to issue CBDC. In Malaysia, the financial system continues to support the functioning of the economy while meeting the needs of individuals and businesses. …
Nevertheless, given that this is a rapidly evolving situation, we will actively assess the potential value
proposition of CBDC in light of developments in the digital assets and payments space. Key policy decisions on CBDC will be guided by clear benefits to Malaysia as a whole …” BNM

 

By cryptorocks_editor

Editor.