Bank Negara, the central bank of Malaysia will release a concept paper soon for public to decide on the fate of cryptocurrencies. It will not recognise nor ban cryptocurrencies.
14 Feb, 2018NATIONMULTIMEDIA.COM
A concept paper on cryptocurrency will be finalised this month for public to decide on the future of such currency, says Bank Negara governor Muhammad Ibrahim.
He stressed that the central bank would not recognise cryptocurrency as fiat money. Bank Negara would also not ban cryptocurrency either but leave it to the market to decide on the fate of cryptocurrency. The key point is one must know what does it have internally.“
Basically, we will let the cryptocurrency promoters including bitcoin, ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too.
“By doing so, the public can decide on its own if they want to invest in cryptocurrencies,’’ he said. Muhammad said this during a question and answer session at the 40th anniversary dinner of Harvard Business School Alumni Club of Malaysia.
Unlike other countries which decided to ban on cryptocurrency, Malaysia adopted a slightly different approach. Finance Minister II Johari Abdul Ghani had said Malaysia would not completely ban transaction on cryptocurrency as such move would “curb creativity and innovation in financial sector.As of September 2017, there are more than 1,100 types of cryptocurrency.
This article was first published by Sin Chew Daily on The Nation