Bitcoin for payment in Malaysia – Has it worked for merchants and why?

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Has Malaysia legalized Bitcoin?

Malaysia has been one of the markets that have adopted cryptocurrencies in recent months. While cryptocurrency has yet to be regarded as legal trade, one cannot deny the rising popularity of its prominence so much so that many retailers and business owners have started to accept them for exchange. As of Q3 2021, it has yet to be accepted as legal tender by Bank Negara Malaysia but it must be noted that Malaysia is among the first to have a regulatory framework on cryptocurrency by the Securities Commission Malaysia.

General sentiments of merchants in Malaysia about cryptocurrency

The COVID-19 pandemic that hit the world in 2020 has prompted many businesses and firms to look for digital payments. While e-wallets and payment systems have already become a norm, some have opted to accept digital currencies as well. Among them is Victor Chin, the founder of Sarawak Harvest who decided to accept Bitcoin because of the large number of Malaysians holding the cryptocurrency. His fish store is the first in the country that accepts cryptocurrency as payment although it has yet to receive any.

Another company that incorporates cryptocurrency as payment is GoObat. The co-founder of the online pharmacy Asher Looi believes that it is the way of the future as Bitcoin is widely accepted because of its value stored and is already accepted in many countries worldwide.

Why are people not using Bitcoin to pay yet?

For starters, there are a lot of e-payment systems available in the market. Merchants have a wide range of e-payment platforms that are accessible and convenient, allowing them to accept payment from e-wallets, online banking and credit cards. The price of Bitcoin has been volatile and those who hold this crypto tend to keep it as an asset for the future instead of using them to pay for products and services.

How complicated is the process of integrating cryptocurrency for payment?

The process is actually quite similar to integrating the conventional FPX or Financial Process Exchange gateway. It involves integrating the API (Application Programming Interface) to the backend process of the commerce system and is quick and easy.

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