Malaysia is the latest country to implement a Bitcoin-like currency.
The country’s central bank said it will introduce a cryptocurrency to cover all domestic and foreign transactions starting from December 1.
The central bank also announced it will issue Bitcoin-denominated bank notes and will start to issue Bitcoin ATM’s, too.
The move follows a similar move in Indonesia, which started offering Bitcoin-based ATMs in October.
Malaysia’s announcement comes a month after Malaysia’s central banks first introduced a Bitcoin exchange for foreign exchange.
The new cryptocurrency, dubbed MBC, will be used for domestic transactions as well as overseas transactions, and will be backed by the Malaysian Reserve Bank.
Bitcoin is the most widely traded virtual currency, which has risen more than 200 percent over the past year.
Its value has surged as more people around the world use it to buy and sell goods and services.
Its growth is also a boon for Bitcoin-focused companies, as the digital currency has helped them scale faster and more efficiently.
Bitcoin is not a currency.
It is not backed by any government, central bank or central bank.
Bitcoin exchanges in Malaysia have been providing services since at least April, and the central bank has set up an office to oversee the new currency.
But the move was prompted by the country’s government’s decision to introduce a new currency, the Malaysian Dirham, which will be pegged to the value of the Malaysian Ringgit, a popular Malaysian currency.
That peg is a sign of the countrys commitment to Bitcoin, and has helped it attract more users to the currency.
For more news from Asia and the Pacific, subscribe to Newsweek’s newsletter here.