![]() ![]() As a matter of fact, it has been legalized, adopted, and even developed by several countries. Fourteen years later, cryptocurrencies have become a mainstay in the global financial ecosystem. It would go on to become the progenitor of an entirely new and financially disruptive asset class. This form of digital currency built on blockchain technology was fully launched on January 10 2009. A whitepaper titled “Bitcoin: A Peer-To-Peer Electronic Cash System” has just been released by an anonymous entity known only as Satoshi Nakamoto. The Trade Descriptions Act 2011 provides for a fine up to RM10,000 for every unit of goods seized, three years’ jail, or both. "We will confiscate the counterfeit goods and detain the offender who can be charged in court or issued a compound," he told The Star Online. He said if found guilty, such as having counterfeit goods, the traders would lose their goods. Roslan said there would also be undercover officers monitoring the traders inside the premises. On Sunday, two people were injured in a brawl at Kota Raya when some 20 men stormed a mobile phone shop. Mobile phone traders at both locations have lately drawn controversy after customers alleged they were cheated, leading to protests outside the malls which broke into brawls. He also told traders in Kuala Lumpur to clean up their act or face action, as the ministry had set up counters starting yesterday to monitor the movements of these operators in Kota Raya shopping complex, Low Yat Plaza and Pertama Complex. Roslan said the ministry conducted 92 raids on stores nationwide this year and seized imitation mobile telephones worth RM600,000. The Star Online reported that the tribunal received 39 cases this year involving the purchase of mobile phones nationwide, with claims worth RM52,833.13 awarded to consumers. ![]() Last Tuesday, the tribunal instructed the mobile telephone trader to return RM5,000 to Dipres, who was also ordered to return the four phones. He later lodged a report with the Kuala Lumpur Consumer Claims Tribunal. The consumer, Dipres Nasution Mohd Arifin, was also allegedly “detained” by the trader for four hours. He cited a case in November when a man was forced to pay RM5,000 for four phones instead of RM800, the price he had been initially quoted. He said the ministry believed those who sold counterfeit phones would have dummy sets on display to avoid the goods being confiscated. Roslan said there were times customers had to wait for close to an hour at the shops for the traders to bring in the goods to them. ![]() They come together," he said in the report. "You don’t buy the phone and its software separately. "They say their mobile phones and the accompanying gadgets are cheap but when customers go to buy them, they will say the customers have to pay more for the software and other things. The news portal quoted the ministry's enforcement director Mohd Roslan Mahyudin as saying that some traders claimed their goods to be cheap when they were not. Some traders in the Kota Raya shopping complex in Kuala Lumpur have an "odd" way of doing business, said the Domestic Trade, Cooperatives and Consumerism Ministry as reported by The Star Online today.
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