Cryptocurrencies could be banned in Malaysia by year end

Cryptocurrencies could be banned in Malaysia-cryptomartez

There is a possibility that the sale of all cryptocurrencies will also be banned in Malaysia, a decision that Bank Negara Malaysia would take by the end of the year reported by News Straits Time 

“This (ban on cryptocurrencies) is something that we will be deciding by the end of the year,” Bank Negara Malaysia (BNM) Governor, Tan Sri Muhammad Ibrahim said when asked if Malaysia would also ban it all together like China.

Besides China, South Korea has also announced a ban on ICO(initial coin offering), the method through which cryptocurrencies startups raise funds.

The guidelines that BNM is set to announce by end of the year would reveal the country’s approach towards cryptocurrencies, he told reporters after launching the 9th International Conference on Financial Crime and Terrorism Financing 2017 here today.

However, if the decision was to allow the use of it, then the guidelines will address this issue in terms of registering the players, “collecting the data and also to make sure whatever (activity) they do will be (made) transparent.

“Just wait. Now is only October, in less than three months we will give you the details,” he said when pressed further.

Muhammad said the guidelines would also address risks associated with money laundering and terrorism financing in Malaysia.

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