What is MYRC?

MYRC is a digital stablecoin developed by BLOX that is pegged 1-to-1 with the Malaysian Ringgit (MYR).
It combines the advantages of blockchain technology with the stability of a fiat currency, providing a secure and reliable digital payment solution in Malaysia.




How is MYRC backed?

MYRC is fully backed by MYR fiat currency held in reserve.
This means that for every MYRC token in circulation, an equivalent amount of MYR is securely stored to ensure the stability and redeemability of MYRC at any time.



Find out more....

https://www.blox.my/

Can I short?

Pegged to myr

Nothing good can come out of this

The fiat already dog shit enough, still want to crypto it to get rug pulled?

Why would anyone create a coin and peg to myr. Wiyld it be easier to just keep rm in my bank?

What will happen later like the fx case is that after they reach a certain volume they will peg to their own coin. Then value drop 99%

True.

I would rather put my money into USDT or USDC stablecoins

Invest in anything malaysia is probably going to lead to some sleepless nights unless you got money to burn

Red flag
Sdn bhd
Self managed reserve
Non insured
Unspecified auditors

Nbdre

This post has been edited by cursetheroad01: Apr 3 2024, 06:58 AM

Stable coin only worth as long as CBDC not yet out.

Once CBDC is out, it is a bit redundant to have stable coins when it is much safer to have government backed digital currency

If it is backed by BNM then yes

there's no point "investing" in a stablecoin because the value is pegged to fiat
which means you will never gain any value from it
crypto investors use stablecoin to hedge against crypto volatility

You have so much money to do 1 to 1 reserve?

I have more money than BLOX

This post has been edited by raynman: Apr 3 2024, 07:43 AM

Who would want to use the Malaysian Ringgit stablecoin to hedge?

I use USDT and USDC

There are only CONS as far as I know

1. Very low transaction volume with high possibility of a rug-pull
2. Not a hedge against inflation or the weakening ringgit
3. Network fees on the Ethereum Mainnet is expensive.

If this is true, I can see it being successful as an easy on/off ramp into crypto MYR into myrc into usdt. Good alternative to cex P2P. But a but skeptical as even luno forbidden to hold stable coins and remitano kena banned for being on off ramp.

Nope

Fack MYR

What u mean invest when it’s pegged to ringgit? No diff from holding paper currency

LUNA incoming

Or bypass currency controls

MYR tak laku outside our borders. Who will buy

i think the term is will you use, rather than invest.
as the local sentiment is not to hodl ringgit.

-cheaper than p2p, cc and luno to convert your myr into other currency.

-click into monthly attestation will reveal the auditor
RM67k published in feb, wait for the march update.

-there are utility for such token.

This post has been edited by jett138: Apr 4 2024, 12:01 PM

Malaysia initiative

Straight away think of low quality, high exposure scams