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Bank Negara Malaysia to let public decide fate of cryptocurrencies

Bank Negara Malaysia (BNM) is going to let the public decide the fate of cryptocurrencies in the country, latest reports suggest.

According to Borneo Bulletin, the central bank is going to release a concept paper on cryptocurrencies, which will be finalized this month. Governor Muhammad Ibrahim said that the BNM is neither going to recognize cryptocurrency as fiat money, nor it is going to ban cryptocurrencies altogether.

“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.

The governor had previously stated that the central bank was working on a regulatory framework for digital currencies such as bitcoin.

In December 2017, the BNM published draft regulations aimed at making digital currencies more transparent in the country. The proposed policy outlines the obligations, requirements and standards that digital currency exchangers must carry out as reporting institutions.

In statements, Finance Minister II Johari Abdul Ghani had also said that the country would not impose a complete ban on cryptocurrencies as such a measure would “curb creativity and innovation in financial sector.”

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