Malaysia’s Deputy Finance Minister says, No ban on Cryptocurrencies

Nishanth Shetty

Nishanth Shetty

January 3, 2018 6:06 am

Malaysia's Deputy Finance Minister says, No ban on Cryptocurrencies | Coindelite News
25941 Total Views

Cryptocurrency News

Malaysian local media reports say that the Malaysian deputy finance minister, Datuk Seri Johari Abdul Ghani, has told that his country will not consider cryptocurrency as illegal and the regulations are still being considered.

Johari told to The Malaysian Reserve:

“Financial innovation will not only enhance the productivity of economic activities but also make financial intermediation more seamless, he is particularly relevant to recent innovations like bitcoin.”

While the Bank Negara Malaysia (BNM) doesn’t currently have crypto trade regulations in place,  the authorities are collecting the information in order to make educated decisions on how to best protect the public without suffocating the innovation.

Opposed to more powerful positions taken by the other countries, Johari’s comment represents a measured approach to the cryptocurrency. He imagined that Malaysia can produce the economic advantages that come with the technology while minimizing the associated risks to the consumers.

Johari added:

“The government is fully aware of the need to strike a balance between public interest and integrity of the financial system, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained.”

Johari also mentioned that BNM will be working to assure that digital currency exchanges will notify the suspicious transactions and comply with Know-Your-Customer requirements.

Johari’s overarching importance was that all financial Technology innovations, such as cryptocurrencies and electronic wallets, should be included in Malaysia’s digitalization roadmap.

No Comments
Supreme Court of India Postpones Crypto Banking Ban to September

Indian Supreme Court has decided to postpone the case on Banning the cryptocurrency firms from receiving banking services that are appealed by Reserve Bank of India’s (RBI) The local news channel Inc42 has published a report saying that decision on the ban has been postponed to September 2011. The board of judges …

CBS’s Showtime is Mining Cryptocurrency using Visitors’ CPU Power

An increasing number of websites have been found secretly mining cryptocurrency. Earlier this week, Change.org launched a screensaver that mined Monero when the user’s PC is inactive. This is a great way for websites to generate revenue and the end-user does not need to pay the website or encounter ads, instead, …

Importing Crypto Mining Hardware Suspended by The State Bank of Vietnam

The State Bank of Vietnam (SBV) is the Central bank of the country. On July 19, 2018, Viet Nam News reported that the bank enforced a suspension on the import of cryptocurrency mining hardware. This move comes after the Ministry of Industry and Trade (MoIT) suggested that the import of crypto …

Switzerland Supports Cryptocurrencies by Easing Regulations

Switzerland was once hailed as “Crypto Nation”. The country initially enforced a stricter regulatory framework. The Government is planning to capitalize on the popularity of cryptocurrency platforms by encouraging banks to accept accounts from cryptocurrency companies. Based on the ICO guidelines published in February 2018, Switzerland is allocating its cryptocurrency …

Cryptocurrency Insurance – The Next Big Thing

Insurance has always been an elusive topic. Companies and providers shy away from revealing intricate details and protocols for the underwriting process. Given the recent attacks by hackers on various cryptocurrency exchanges, insurance seems to be a step in the right direction. Renowned providers like AIG, Chubb, and XL group …

Step Up Begins Accepting Cryptocurrency Donations

Step Up, a non-profit organization based in Santa Monica, California has extended its donations options by adding cryptocurrencies to the list. Interested users can support their cause by donating through Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The company provides permanent supportive housing, vocational training, and opportunities for individuals suffering from …