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Malaysia Central Bank says Public will decide Fate of Cryptos

Feb 24, 2018 Posted /  1781 Views

Malaysia Central Bank says Public will decide Fate of Cryptos

On the occasion of 40th anniversary of Harvard Business School Alumni Club of Malaysia, the governor of Bank Negara, Muhammad Ibrahim announced at dinner time that the government is considering to allow the public of Malaysia to take the decision regarding the circulation of cryptocurrency in the nation.

As per the reports of a Local portal of Malaysia, the Nation; the governor of the central bank of the nation wanted to clear some facts about virtual tokens. The government is in thoughts of opting for a hands-off approach where they will let the public to make their own decision: whether to invest in the speculative world or to stay away from cryptocurrency. As per the reports, Muhammad Ibrahim stated that they are looking towards promoters to grant transparency on the matter.

“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.” - Muhammad Ibrahim

From the above statement, it can be concluded that the  Bank Negara Tanah Melayu intends to introduce a regulatory framework for cryptocurrency where they are willing to have transparency in the system.

The Governor stated the amid position of government where they are not ready to accept cryptocurrency in the form of Fiat money. Neither, the government is looking forward to demise utilization of virtual tokens.

The Chief also mentioned that the officials are working on a concept paper for the public that would be presumably based on educating population about the pros and cons of investing in the digital economy. Criminals can vividly use the innovation for illicit activities, and the government is intending to curb unlawful activities.

In January, the Finance Ministry of Malaysia,  Najib Razak confirmed that the cryptocurrency would not be prohibited in the nation as he considered virtual tokens beneficial to the economy.

“It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public,” -  Najib Razak

From the above statements, it can be forecasted that Malaysia is going to join the Philippines, the two fastest-growing countries accepting the emerging technology with open arms. The deputy director of the central bank of Philippines(BSP) also talked about the benefits of using Bitcoins as a mode of payment in a televised interview.

“There are risks, but essentially, it can be managed. If you want something that is fast, near real-time and convenient, then there’s the benefit of using virtual currencies like bitcoin.” – Deputy Director of the central bank of the Philippines

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Tags: Cryptocurrencies virtual tokens Malaysia

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