Doing Business using Cryptocurrency in Malaysia
Ahmad Shauqi Zubir1, Nur Aishah Awi2, Azwadi Ali3, Safiek Mokhlis4, Farizah Sulong5
1Dr. Ahmad Shauqi Bin Haji Mohamad Zubir*, Finance Lecturer, School of Business and Maritime Management, Universiti Malaysia.
2Dr. Nur Aishah, Lecturer of Management (Marketing) Programme, School of Maritime Business and Management, Universiti Malaysia.
3Dr. Azwadi Ali, Associate Professor, School of Maritime Business and Management, Universiti Malaysia Terengganu.
4Dr. Safiek Mokhlis, Associate Professor, obtained his BBA and MSc degrees from University Putra Malaysia.
5Dr. Farizah Sulong, Lecturer, Tutor under the School of Maritime Business and Management, University Malaysia Terengganu.
Manuscript received on April 29, 2020. | Revised Manuscript received on May 19, 2020. | Manuscript published on May 30, 2020. | PP: 148-157 | Volume-4, Issue-9, May 2020. | Retrieval Number: I0899054920/2020©BEIESP | DOI: 10.35940/ijmh.I0899.054920
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
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.
Keywords: Cryptocurrency, financial awareness, online payments, financial products, financial services, financial regulations, Bitcoin.