A controversial Malaysian socialite, known for its excesses and recent disputes with the country's tax authorities, is launching its cryptocurrency called Lavida Coin .
Datuk Seri Vida – his real name is Datuk Seri Dr Hasmida Othman – he said he had the idea after earning a healthy profit from his investments in cryptocurrencies two years ago.
Said to be a rare-to-rich Malaysian-style story, the cosmetics queen said she expected the value of Lavida Coin to increase by the end of the year.
After his success with cryptocurrency, he then decided to create the Lavida currency with the services of a professional team, he said.
Datuk Vida, who runs the popular business Vida Beauty said it is not starting Lavida Coin to cheat or involve "haram" money.
Malaysia has not decided whether to declare Bitcoin and cryptocurrency "haram" or "halal", but Vida said that this was a way in which she intends to help needy Malaysians.
He plans to raise 1.5 billion RM from the cryptocurrency, while some industry experts are saying he will fail in his attempt.
A David Low, Luno's country manager, said this attempt by Vida will go down as one of the worst ICO projects in Malaysia.
Low said he is calling people not to invest in what he called a "dubious" venture.
He said that the Vida project is a security the token has become blurred as a token of utility that, according to him, is "deceptive".
Vida organized a soft launch of the Lavida currency in Kuala Lumpur. Watch the video below:
Vida caused a sensation and aroused great interest in the Malaysian social media circle with a song titled "I am Me", which was a lash in his search for a love partner. The video has 12.200906 views on youtube.