Malaysian investors see Cryptocurrencies as needed
The Malaysian Reserve reported on November 21, 2018, that despite the recent slump the crypto market has experienced back some momentum. The downturn the crypto market has taken during the second half of November 2018 has been attributed to the negative sentiments towards the industry. However, there are many industries that think that cryptocurrencies, especially bitcoin will be embraced by users within the financial system in the following financial cycle to come. As both large and small players are eagerly waiting for government regulations to start regulation processes.
According to the Malaysian Reserve report, this is currently the case in Malaysia where the majority of industry users and, developers of bitcoin can also be in a transitional phase of the tech.
The vice president of Malaysia Investors Association however, Aaron Ting has acknowledged that the instability of prices did hamper the development of cryptocurrencies in the market this year. The markets have been going through towards the end of 2018 whether the markets peaked.
“I believe we are in the middle of this period and it will recover from here eventually, before experience a slower ascent,” Ting said, using the Gartner Hype Chart Cycle, to gauge the movement of digital coins.”
The cryptocurrency Markets is known for going throw its ups and downs
According to the secretary of Access Blockchain Association Malaysia, Ting said that the changing phases are nothing new. All technologies go through ups and downs, especially in financial institutions with financial technologies.
“In today’s world, due to the Internet and social media, the hype chart cycle tends to be compressed”, he told the Malaysian Reserve.”
The rapid growth and developments in the cryptocurrency and Blockchain technology space indicate that the industry is still in the early days. Malaysia has made sure that it had opportunities for it open.
Ting said the government steps to regulate cryptocurrency with many results in more industry users of the technology in the growing market. The Malaysian government together with the Malaysia Digital Economy Corp is currently trying to work with Singapore when it comes to initiatives involving cryptocurrency. The government also thinks that the Distributed Ledger Technology must be adopted by Malaysians because of the outdated financial system that we are currently using.