Country Heights Holdings calls on the government to learn from foreign countries in building a Malaysian Blockchain Hub

Author by Malaysia Blockchain Association Team

8 November 2018

Taken from eNanyang

KUALA LUMPUR: Country Heights Holdings Bhd (CHHB) is calling on the government to take blockchain technology seriously and learn from countries such as Australia, the Philippines, and Malta to make Malaysia a blockchain technology center and drive economic growth. Today, the company's shareholders approved a proposal for the first token issuance (ICO), which will issue 1 billion units of "Horse Currency" with a total value of 2 billion ringgit in company assets as collateral. CHHB founder and CEO, Tan Sri Lee Kim Yew, said that some countries have already begun to value blockchain technology, issue licenses to operators legally, and drive economic growth by taxing this digital economy. He hopes that the government can establish a blockchain economic special zone to create a legal currency trading platform and allow private enterprises to raise funds through blockchain technology, which can speed up fundraising and lower costs. Additionally, he hopes to develop the ability for users to buy company-issued stocks through virtual currency and solve the problem of private placements with no subscriptions. If the "Horse Currency" is successfully issued, CHHB hopes to be listed on any virtual currency exchange globally. Lee also recommended that the Malaysian exchange play a leading role in collaborating with the private sector to establish a virtual currency exchange and attract more virtual currency issuing units to list in Malaysia. He revealed that CHHB has invested an initial capital of 5 million ringgit to develop various software and hardware facilities and establish a specialized working group responsible for blockchain technology. The working group, consisting of about 20 experts from around the world, including Wang Wenlong, president of the Malaysia Blockchain Association, will work with the Ministry of Finance, Central Bank, Securities Commission, and Stock Exchange to ensure that the issuance plan for "Horse Currency" complies with regulatory frameworks and can be issued smoothly. Additionally, the group will actively negotiate with investment banks. If they are interested, they can subscribe to "Horse Currency" and distribute it to other investors. The biggest risk of virtual currency comes from the stability of its technology foundation, and the working group is also responsible for managing risks and regulating the supply and demand of "Horse Currency." In addition, the working group will study how to integrate "Horse Currency" with electronic wallets or other virtual currency wallets to facilitate user access. To support these plans, CHHB will establish a blockchain innovation laboratory at its headquarters, covering 5,000 square meters, to undertake research and development work.