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Wednesday, 14 February 2018

Public To Decide Crypto-Currencies' Fate In Malaysia

Malaysia's Central Bank, Bank Negara is set to release a 'concept paper' which will give citizens the power to determine the fate of cryptocurrency in the country. Muhammad Ibraham, the bank's governor assured that the bank will not ban or endorse the currency and that the paper will be finalized in February.


The Summary:


  • Muhammad made the announcement at the 40th dinner anniversary of the Harvard Business School Alumni Club Of Malaysia.
  • He said the cryptocurrency promoters would be more transparent and methods of transparency will also be more transparent 
  • The Malaysian economy has been on the rise in recent years, rising faster than its South Korean cousin and even Australia.
  • Muhammad's statement is similar to that of the Finance Minister Johari Abdul Ghani who said the government will not altogether ban cryptocurrencies in the country in order to avoid likking “creativity and innovation in [the] financial sector”
  • The Bank in December last year, put in cryptocurrency regulations for both businesses and individuals.
For cryptocurrency enthusiasts the world over, we do hope that the Central Bank listens to its citizens  as the country has a great potential for cryptocurrencies to thrive.


What do you think? Will the citizens of Malaysia decide to ban or endorse Cryptocurrency when the time comes for the decision to be made? Subscribe to our newsletter and like our Facebook page; Mntrends Blog

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