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Malaysia’s central bank deciding if cryptocurrencies should be banned

Bank’s governor says cryptocurrencies will be subject to new guidelines if they’re to be recognised

PUBLISHED : Thursday, 05 October, 2017, 5:10pm
UPDATED : Thursday, 05 October, 2017, 5:16pm

Bank Negara Malay­sia (BNM) is still deciding if cryptocurrencies should be banned altogether in Malay­sia.

When asked if there were any plans to ban cryptocurrencies similar to what has been done by China’s government, BNM governor Tan Sri Muhammad Ibrahim said: “it is something that we will be deciding by the end of the year.”

Muhammad said that the guidelines that will be issued by the end of the year will tell how would the country approach cryptocurrencies.

“It’s now only October and in less than three months we should be able to give you more details,” he said.

If cryptocurrencies were to be recognised, Muhammad said that there are several guidelines in mind.

“The guidelines that we will be issuing before the end of the year will address issues in terms of: registering the players, collecting data and to ensure that whatever they do will be transparent.”

It was earlier reported that BNM is slated to unveil guidelines on cryptocurrencies by the end of this year.

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