Malaysia plans to fight electricity theft for Bitcoin mining and it proposed measures to counter illicit these activities for crypto mining so let’s find out how they are planning to do that in today’s latest Bitcoin news.
Malaysia plans to fight electricity theft for BTC mining which has been on the rise. This has to do with BTC mining which is also catching speed in the region. Electricity theft in Malaysia is a serious issue and according to the reports, the local government is finding out new ways to limit the spread as it recorded an increase of 400% in the past four years. The above resulted in the loss of RM2.4 billion which was about $550 million accoridng to the natural resources minister Takiyuddin Hassan. The increase in cases is quite a worrying trend and it affects the entire energy industry in terms of value but also the stability of the electricity supply system and public safety.
In 2021, Malaysian authorities seized $13 million worth of crypto mining equipment and it seems that the country is preparing for implementing even more countermeasures. Tenaga Nasional Berhad is the biggest electricity utility in Malaysia and the country’s sovereign wealth fund is the biggest shareholder.
TNB proposed the introduction of the special tariff for BTC mining operators and it has also suggested that the country’s Energy Commission pressure BTC mining operators apply for the electricity supply from legal sources. The CEO of Tenaga Baharin Din said:
“The irresponsible perpetrators are doing it at the expense of the security and reliability of supply for the public at large.”
As recently reported, Bank Negara Malaysia joined the global race to develop a digital version of its national currency and the project is still in the research mode as the country is only learning about the value proposition of this new financial product. Launching a central bank digital currency has been quite the target for a few years. China’s efforts for example are by far the most advanced globally but Indonesia, Mexico, and Nigeria have also started exploring the initiative. According to the recent Bloomberg reports, Malaysia starts exploring the launch of a central bank digital currency and despite not making final decisions, the country started researching how the CBDC could affect its monetary network and whether it will be beneficial for its economy.
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