Penang bungalows worth RM2.4 million bought with cryptocurrency

KUALA LUMPUR, 30 Aug 2018:

While many Malaysians are still unfamiliar or may even be sceptical about cryptocurrencies, there are already people using such digital assets to trade in the country.

Two bungalows worth a cool RM2.39 million was bought in Penang on Saturday Aug 4 by an Indonesian businessman who have been staying here in Malaysia since 1997, fully using the crypto asset DEO.

Eddie Virgo from Medan, who runs a successful money remittance business in both Indonesia and Malaysia, bought the Queens Residence condominiums at Bayan Bay – a stone’s throw from the Queensbay Mall from Ideal Property Group.

Of the two units, one was priced RM1,192,700, while the other was priced RM1,198,000.

“I am very happy to be able to use my crypto assets to buy these properties. I believe I have made the right investment in DEO. I expect to make even better value and returns from my DEO coin investments in the future,” said Virgo.

He first invested in DEO – a crypto asset from Desto Blockchain LLC  back in April 2018 when it was first launched.

Transactions or payments made using cryptocurrency is not unheard of in Malaysia. From land transactions to car purchases, including getting a meal at a nasi kerabu gerai or hawker stall in Kelantan, such payments have been making the news in the past few years.

There have also been reports of a curry noodle stall and a fish head noodle stall in Bandar Puchong Utama, Selangor, that have also started accepting crypto payments late last year?

What’s more, because digital currencies are yet to be recognised for tax purposes in the country, cryptocurrency transactions are currently tax-free, according to various reports.

As interest in cryptocurrencies continues to grow in Malaysia, increasingly more Malaysians are getting to know, and beginning to invest and trade in such assets.

DEO, which is used by Virgo in his bungalow purchases, is a crypto asset issued by a disruptive tech company, Desto Blockchain LLC. The company founded by Malaysians is registered in USA and UK with subsidiaries in Malaysia and Vanuatu, developed and own its own blockchain protocol, the DEO protocol.

For more information on DEO, visit desto.io or go to Desto Blockchain on Facebook.

It provides blockchain technology solutions, with a focus on staying socially conscious. This means it aims to help, via the solutions it offers, make the world more transparent and to bridge the divide between the banked and unbanked population, while helping to improve the quality of lives of the unbanked and under-privileged.