THE BANK OF MALAYSIA: LET THE PUBLIC DECIDE THE DESTINATION OF THE DIGITAL CURRENCY

According to the portal La Nación reported this month, at the dinner of 40 years Malaysia Harvard Business School Alumni Club held, governor of the central bank of Malaysia Mohammed Ibrahim • expressed his views on the Bitcoin currency as future encryption.

Interestingly, the governor of the central bank has demonstrated a totally free market position in cryptocurrencies, so that this non-intervention approach allows the public to make their own investments or participate in the cryptocurrency market. Decided.

"Basically, we make cryptocurrency promoters, including bitcoin, ethereum and swissinfo, more transparent, so that the money behind the scenes is more transparent."

Your comments also imply that some basic rules and guidelines on cryptocurrency will be introduced in Malaysia.

The central bank governor also said authorities would not recognize cryptocurrencies as legal tender and Malaysia would not exclude cryptocurrencies.

The governor of the central bank also disclosed a conceptual document on cryptocurrencies for the public, intended to educate residents about the cryptocurrency. The Bank of Malaysia has already worked hard to establish a regulatory framework in which the exchange of cryptocurrencies will be treated as an informing body to curb the illegal use of cryptocurrencies for illegal activities.

The comments of the governor of the Central Bank of Malaysia coincided with the previous vision of the Deputy Minister of Finance, the Deputy Minister of Finance of Malaysia said in January that the government will not ban Bitcoin transactions. He said at that moment:

"The government does not intend to prohibit or discourage any innovation that is good for the public."

Malaysia, along with the Philippines, has adopted a refreshing and even welcome attitude toward cryptocurrencies, the two fastest growing economies in the world today. As the first country in the world to establish a regulatory package for its national cryptocurrency industry, the deputy director of the Central Bank of the Philippines (BSP) said it was extremely convenient to pay in Bitcoin.

"Although the cryptocurrency is risky, it is intrinsically manageable, and the use of cryptocurrencies like Bitcoin can achieve this goal if you want good things that work fast, almost in real time, and are practical"

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