Doing Business using Cryptocurrency in Malaysia

Abstract

As the society is becoming more digitised day by day, we are being constantly introduced with advanced smart technologies that transpire changes in our lives. The blockchain technology and cryptocurrencies came in at the appropriate time which has provided pathways and security for many vulnerable internet-connected devices as the technology uses distributed verification of transactions. Due to their unique features, cryptocurrencies carry value on their own and now can be used for trading and transactions. In many established markets, transactions and trading in cryptocurencies have been growing and many have seen them as potential assets and investment option. Nevertheless, in many other countries, cryptocurrencies are not very popular and due to lack of awareness, many of their citizens are yet to own any cryptocurrencies. This study assessed the awareness of cryptocurrencies among selected Malaysian public and tested certain determinants and found almost three quarter of the respondents were aware of them but none is owning even one digital currency. Among the determinants, age group, ethnicity and occupation status were found to have influenced respondents’ awareness about cryptocurrencies. If it is an interest of the government to promote the use of cryptocurrencies, necessary exposure campaigns as well as guarantee of control and security should be made a priority.