On 9 December, Johor Regent Tunku Ismail Sultan Ibrahim launched RMJDT, a digital currency backed by the ringgit. Unlike cryptocurrencies like Bitcoin that fluctuate wildly in value, this “stablecoin” is designed to maintain a stable value. One RMJDT equals one ringgit.

The currency runs on Zetrix AI Bhd’s blockchain technology, which is part of Malaysia’s national blockchain infrastructure. It’s issued by Bullish Aim Sdn Bhd, a company fully owned by Tunku Ismail.

How RMJDT Works

According to the announcement, RMJDT aims to make it easier for Malaysian businesses to use ringgit for cross-border transactions. Think of it as a digital version of ringgit that can move faster across borders than traditional bank transfers.

The stablecoin is backed by actual ringgit cash deposits and short-term Malaysian government securities, so every RMJDT token represents real ringgit sitting somewhere safe.

Lion Peh, managing director of Bullish Aim, said the company hopes RMJDT will become a standard for crypto-based payments in Malaysia, offering faster and more secure transactions.

Is This Available For Everyone?

Not yet.

RMJDT is currently operating under a “regulatory sandbox,” a testing ground where Bank Negara Malaysia and other regulators can monitor how it works before deciding whether to allow wider use. This is similar to how digital banks were tested before launching to the public.

Malaysia’s Digital Asset Push

This launch is part of Malaysia’s broader move toward digital financial innovation. Earlier this year, Prime Minister Datuk Seri Anwar Ibrahim encouraged Bank Negara Malaysia and the Securities Commission to explore responsible ways to adopt digital assets.

In October, Bank Negara Malaysia released a discussion paper on asset tokenisation, a process that turns traditional assets like property or stocks into digital tokens that can be traded more easily. 

What This Means For You

RMJDT represents an experiment in regulated digital currencies, but it’s still in early testing stages. The real test will be whether businesses adopt it for cross-border trade, and whether regulators approve it for wider public use.

As Malaysia continues exploring blockchain and digital assets, we’ll keep you updated on developments that affect your day-to-day finances.

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