Malaysia’s Finance Minister Says Central Bank To Handle Cryptocurrency Issuance

'
MALAYSIA GE13

In the past few months, there have been debates about Cryptocurrency regulation in Malaysia. This has forced the country’s Minister of Finance Lim Guan Eng to come forward and say that it is only the Bank Negara Malaysia (BNM), the country’s central bank has the final decision on the issuance of Cryptos. The recently launched political fundraising platform, Harapan Coin project has attracted support and criticism in equal measure due to a lack of a clear legal framework on Cryptos in the country.

Malaysia’s Central Bank To Rule On Cryptocurrency Issuance

 

Malaysia's Finance Minister Says Central Bank To Handle Cryptocurrency IssuanceMalaysia’s Minister of Finance Lim Guan Eng has come forward to shed some light on Cryptocurrency regulation in the country. According to the minister, the Bank Negara Malaysia (BNM), the Asian country’s central bank has the final say on the issuance of new Cryptocurrencies in the country. He added that it is only after consulting the apex bank that any Cryptocurrency project may be regarded as legal or not.

The Star, a local news outlet quoted the minister saying that those wishing to issue Bitcoins or any other Cryptocurrency in the country must first check with BNB. He added that the bank has the final say on virtual currencies. The minister was speaking in parliament on Monday while responding to a question from a parliamentarian.

Lim also said that the government is not against Cryptocurrencies. However, he noted that before the launch of any Crypto project in the country, it is worth ensuring all the existing law was being followed. He asked Crypto project leaders to consider BNM’s guidelines and directives on any issue about the new currencies to avoid going against the law.

Intense Debate About Harapan Coin Project

Malaysia’s Federal Territories Minister Khalid Abdul Samad recently launched Haparan Coin Project to help the opposition raise funds. The platform has already been dubbed the world’s first blockchain-based political fundraising project. Although the project has received support from some politicians, it has also come under harsh criticism, especially from pro-government lawmakers.

On Monday, an MP claimed that the project has already raised hundreds of dollars although it has not yet been approved by BNM. Those opposed to the project have claimed that it supports contribution from non-verifiable sources. However, most of those who support this project believe that government supporters are afraid that the new tool will give the opposition the much-needed financial muscle.

BNM Yet To Approve Cryptos In The Country

During the launch of the Harapan Coin Project, Samad announced that they were preparing a proposal to present it to the BNM. The central bank has not yet approved or declined this project although it has already been launched. The parliamentarian has strongly defended the project claiming that virtual currencies are the future.

Samad has said that renowned global investors such as Jack Ma, Alibaba Group founder have said the technology is the future. He is of the opinion that if the technology is used well, the country stands to benefit. According to Free Malaysia Today, the MP said that the Harapan Coin’s value would go up with increased use in government matters and other areas.

10 Comments

  • Avatar

    hermes belt

    December 17, 2018 - 12:47 am

    Thank you a lot for providing individuals with remarkably brilliant possiblity to read articles and blog posts from this website. It is usually so excellent and full of a lot of fun for me personally and my office fellow workers to visit the blog really thrice weekly to read through the fresh items you have got. And indeed, we’re at all times astounded with all the wonderful thoughts you give. Certain two ideas in this article are without a doubt the most suitable I have had.

  • Avatar

    moncler jackets

    December 18, 2018 - 1:48 am

    I want to show thanks to you just for bailing me out of this particular setting. After researching through the the web and meeting views which were not productive, I thought my entire life was gone. Living devoid of the answers to the issues you’ve solved by means of the post is a critical case, as well as the ones that might have adversely damaged my career if I had not discovered your blog post. Your own mastery and kindness in dealing with everything was useful. I don’t know what I would’ve done if I hadn’t encountered such a step like this. I’m able to at this point look ahead to my future. Thanks for your time so much for the professional and sensible guide. I will not hesitate to suggest your blog to any person who should have counselling about this subject matter.

  • Avatar

    retro jordans

    December 19, 2018 - 3:27 am

    Thanks a lot for providing individuals with a very wonderful possiblity to read articles and blog posts from this web site. It is often so terrific and full of fun for me and my office friends to visit your blog at a minimum 3 times per week to see the newest items you have. And of course, I’m just always fulfilled considering the beautiful creative ideas you serve. Some 2 areas in this posting are in truth the most beneficial we have all had.

  • Avatar

    yeezy sneakers

    December 20, 2018 - 10:07 am

    I and also my friends have already been examining the best information and facts found on your web site and then quickly came up with an awful feeling I had not thanked the web site owner for those techniques. My women had been totally stimulated to read through all of them and have now sincerely been having fun with those things. Many thanks for actually being simply thoughtful and then for deciding on variety of wonderful themes millions of individuals are really needing to discover. Our own sincere apologies for not saying thanks to earlier.

  • Avatar

    yeezy boost

    December 21, 2018 - 5:37 pm

    I am just writing to let you know what a superb encounter my friend’s child enjoyed going through your blog. She noticed many pieces, most notably what it is like to have a marvelous coaching heart to have men and women with no trouble fully understand chosen complicated matters. You really exceeded our expected results. Many thanks for delivering such insightful, trustworthy, revealing and fun tips on that topic to Sandra.

  • Avatar

    pureboost

    December 22, 2018 - 11:13 pm

    I precisely wanted to thank you very much again. I’m not certain the things I would’ve worked on without the strategies shared by you concerning that question. It had been a very scary condition in my view, nevertheless being able to view this well-written strategy you handled the issue forced me to leap over happiness. I’m grateful for your service and even trust you find out what a great job your are undertaking instructing men and women via your webblog. I know that you haven’t got to know all of us.

  • Avatar

    bape hoodie

    December 24, 2018 - 1:35 am

    I wanted to post you this very little word in order to thank you again on the awesome concepts you have shown on this website. This has been seriously generous with you to offer without restraint just what a few people could have distributed as an e-book to earn some profit for their own end, even more so considering that you could possibly have tried it in the event you desired. These secrets in addition acted as a great way to fully grasp other people have the same passion like mine to find out a little more related to this matter. I am certain there are some more enjoyable sessions ahead for people who find out your website.

  • Avatar

    ultra boost

    December 24, 2018 - 11:01 am

    Needed to create you the very small observation to be able to thank you once again regarding the pleasing strategies you’ve featured in this case. This has been certainly shockingly open-handed of people like you to allow extensively exactly what a lot of folks would have supplied as an electronic book to earn some bucks for themselves, notably since you might have tried it in the event you considered necessary. Those tips also served to provide a good way to recognize that other people online have the same zeal the same as mine to understand more and more related to this matter. I think there are some more pleasurable opportunities in the future for people who see your website.

  • Avatar

    nike air force

    December 25, 2018 - 12:40 am

    My husband and i got so happy that Ervin could complete his reports with the ideas he was given using your weblog. It’s not at all simplistic to just choose to be giving out tips and tricks which others might have been trying to sell. We grasp we now have the writer to appreciate because of that. All the illustrations you have made, the straightforward site menu, the relationships you can help to create – it’s got all astonishing, and it’s aiding our son and the family understand that topic is thrilling, and that is wonderfully essential. Thanks for all!

  • Avatar

    paul george shoes

    December 25, 2018 - 11:25 pm

    My wife and i were now fortunate Emmanuel managed to carry out his investigation using the ideas he discovered out of your web pages. It is now and again perplexing to just always be offering tactics that many most people might have been selling. We already know we need the writer to thank for that. All of the illustrations you made, the easy blog menu, the friendships you will assist to foster – it’s got many fabulous, and it is assisting our son and us consider that this theme is amusing, which is tremendously mandatory. Thank you for the whole lot!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share via