Bank Negara Malaysia Is Considering a Digital Currency Ban

Bank Negara Malaysia Is Considering a Digital Currency Ban

The governor of the central bank of Malaysia would not rule out a ban on digital currencies while discussing upcoming law. Talking at an economic crime conference in Kuala Lumpur, the governor of Bank Negara Malaysia stated that it would determine before the end of these 12 months whether or not to prohibit the buying and selling of digital currencies under its mandate as a domestic economic regulator. However, in next statements, Ibrahim hinted that Malaysia’s final stance might not be so excessive.

malaysian central bank

The governor of the central bank of Malaysia said:

“This ban on digital currencies is something that we are able to decide on by the end of the 12 months. The suggestions that we will be issuing earlier than the end of the year will cope with problems in terms of registering the players, accumulating information and ensuring that something they do will be obvious. Now’s only October. In much less than 3 months we will provide you with the information.”

Even as it had formerly noted that bitcoin could be left unregulated, Bank Negara Malaysia announced in September it’d start to create recommendations for entities operating with digital currencies. Remaining month, Bank Negara Malaysia issued an investor caution for those taking part in blockchain token sales, additionally known as initial coin offerings.

Cryptocurrency

That statement came quickly after China’s government issued an announcement in early September ordering a direct halt to all token sales. Beneath seeming regulatory pressure, main digital currency exchanges came ahead within the next weeks to announce they might be voluntarily closing their doors because of the ban.

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