PUTRAJAYA: Malaysians should be wary about “virtual coins” and be mindful that the ringgit is the only valid currency in the country, said Datuk Seri Dr Wee Ka Siong.

“The only other ‘currency’ we can use is the one commonly seen during Cheng Beng (Tomb Sweeping Day) – hell notes. We burn it for our ancestors,” quipped the Minister in the Prime Minister’s Department.

The topic about the dubious use of virtual coins came up yesterday when Dr Wee was giving a talk on the gradual adoption of cashless transactions in the country at the Malaysian Champions Club.

The club comes under the ministry’s Secretariat for the Advance­ment of Malaysian Entrepreneurs (SAME).

There has been much media attention of late about a mall in Penang which facilitates payment via virtual coins linked to an investment scheme.

The scheme supposedly offered returns of up to 24% annually with the virtual tra­ding of these coins.

Dr Wee dismissed such use of virtual currency.

“This is even stated in our secondary school Perdagangan textbooks – only the ringgit is our legal currency,” he said.

During his dialogue session with the club, Dr Wee said he hoped to see at least five of its company members being listed on Bursa Malaysia this year.

The club comprises 150 companies that are seen as the most outstanding small and medium enterprises (SMEs) in the country.

“We will have a delegation to meet with Bursa Malaysia soon and try our best to facilitate their listing,” he said.

Dr Wee said SAME had partnered with 21 companies with an accumulated capital of RM2bil, looking to invest in promising ventures in Malaysia.

“We hold pitching sessions which match potential investors with businesses. So far, we have facilitated investments as much as RM163mil. One small business started from the sale of ice-cream.

“With an additional RM7mil capital, the company has successfully built a factory and it will start operations in July. This is one of the many successful examples we have had,” he said.

-The STAR-