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Malaysia’s Central Bank Could Enforce Cryptocurrency Ban

Oct 09, 2017 Posted /  12108 Views

Malaysia’s Central Bank Could Enforce Cryptocurrency Ban

As Malaysia’s financial organisation develops tips for cryptocurrencies like bitcoin, a blanket ban continues to be not out of the question per its governor.

Bank Negara Malaysia (BNM) governor Muhammad bin patriarch was talking to reporters on the sidelines of the ninth International Conference on monetary Crime and terrorist act funding in capital of Malaysia once he spoke regarding coming laws for the cryptocurrency sector.

As reportable by The Malaysian Insight, the central banker failed to rule out an entire ban on cryptocurrencies.

He stated:

“ This (ban on cryptocurrencies is something that we will decide on by the end of the year…The guidelines that BNM is set to announce by the end of the year would reveal the country’s approach to cryptocurrencies.

The terribly notion of an entire ban comes within the aftermath of tight rules against the bitcoin and wider cryptocurrency sector in China. BNM’s Chinese counterpart, the People’s Bank of China, implemented an entire ban on all initial coin offerings (ICOs) in Gregorian calendar month, a choice that has since snowballed into resulting in the shuttering of bitcoin exchanges in Red China. Authorities in Asian country have followed suit with a ban on ICOs.

However, it's still unlikely that Malaya would mandate a sweeping ban on cryptocurrencies. As CCN according in Gregorian calendar month, Ibrahim was quoted as stating:

“We hope that by year end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.

Those ‘clear guidelines’ might be seen as a precursor to rigid rules that might effectively see the financial organization permit cryptocurrency activity, below its rules. that might embrace “collecting the information, and conjointly ensuring no matter they [cryptocurrency traders and adopters] do are (made) clear,” in line with Ibrahim.

Also Read : China will likely resume Cryptocurrency Trading by Licensing Bitcoin Exchanges

When pushed by reporters to reveal additional, Ibrahim confirmed the financial organization would clarify its intentions before the tip of the year. “Just wait. currently [it] is barely Oct. In but 3 months, we are going to provide you with the main points.”

The central bank’s official stance on bitcoin, from 2014, declared “the financial organization doesn't regulate the operations of Bitcoin,” with the cryptocurrency “not recognized as monetary system.” additional recently, Malaysia’s securities regulator issued a public caution over ICO investments shortly once China’s sweeping ban.

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Tags: bitcoin Bitcoin ban Regulations malasia

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