Central Bank of Malaysia: the fate of the cryptocurrency will solve the society

The head of the Central Bank of Malaysia stated that the fate of the cryptocurrency in the country depends on companies and their level of spread among ordinary people, adding that the Central Bank does not prohibit and does not recognize the cryptocurrency.

Speaking at the 40th anniversary dinner at the alumni Club of Harvard business school of Malaysia this month, the President of the Bank Negara Malaysia Muhammad bin Ibrahim (Muhammad bin Ibrahim) expressed his point of view on the status of bitcoin, according to local media The Nation. The President of the Central Bank supported the position of a free cryptocurrency market in which the public makes its own decisions regarding investments or participation in cryptocurrency markets.

«In General, we will contribute to the activists of cryptocurrency, including bitcoin, Ripple live, and chose the more transparent methods of work», — said the head of the Central Bank, hinting at the imminent presentation of the basic regulation for the industry of cryptocurrency in the country. «Society itself must decide whether it wants to invest in crypto-currencies».

President of the Central Bank also stressed that the authorities do not recognize the cryptocurrency as a means of payment, but has no plans to ban them. Ibrahim told us about a forthcoming document that contains instructional information about cryptocurrencies, which will be available to the public. The Central Bank of Malaysia is already working on a regulatory framework, which among other things will consider cryptocurrency exchanges as «organizations are obliged to submit reports» on the criminal and illegal activities with the use of cryptocurrency.

Malaysia joins the Philippines in an open and comprehensive approach to the regulation of cryptocurrencies. In October last year, the Central Bank of the Philippines called
cryptocurrency fast and easy, and in November, the head of the Commission on securities and stock exchanges of the Philippines (PhSEC) Emilio Aquino (Emilio Aquino) said that the Philippines plans to accept cryptocurrencies as securities.

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