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Malaysian Central bank issues warning to ICO over Logo Misuse

Mar 14, 2018 Posted /  7935 Views

Malaysian Central bank issues warning to ICO over Logo Misuse

Coinzer cryptocurrency is in the news for all the wrong reasons as Malaysia's central bank has issued a statement that warns customers to not indulge in any kind of trade relationship with Coinzer. Bank Negara Malaysia says that its concern with Coinzer remains its use of official logos on their proposed physical tokens.

The statement given by Bank Negara outlines the bank does not approve the use of BNM and Jata Negara logo on their prototype token website and whitepaper, and the project is no way linked with the Central bank, so it has no right to use its symbols.

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Moreover, Bank also warned the customers of the possible risks associated with digital currencies as it said that they are not legal tender. It also advised its investors to exert caution and carefully examine the potential risks. Subsequent to the statement issued by the Central Bank, Coinzer has also published their press release and promulgated on their website. The statement tries to illuminate that the physical token was only a recommendation and as of now they will now not be going ahead with this idea.

Furthermore, the company added that they are in fact operating jointly with Malaysian authorities and that the development of cryptocurrencies is identified as a positive force by both sides:

“Regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance the productivity of economic activities but also make financial intermediation more seamless.”

The information on the website states that a new plan and a video further describing the situation are in production. Coinzer is being built on the Ethereum network and centered on improving the productivity of businesses by bringing all manner of systems on to the blockchain.  

Malaysia, in recent days, has taken a submissive stance towards cryptocurrencies, with the head of the central bank announcing that the public would decide the technology’s future last month. “It is not the intention of the authorities to ban or put a stop to any innovation that is perceived to be beneficial to the public,” he told reporters. It chronicles Malaysia as one of the few countries that have laid out a precise approach to the development of virtual currencies, enabling the public to determine their future.

Nevertheless, the central bank’s perception has been for the significant part remained emphatic towards crypto, despite Malaysia’s statutory securities regulator did close down an ICO called CopyCash in January.

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