Malaysian Finance Minister Says” No Plans To Ban Crypto Trading”

Malaysia won’t enforce a blanket ban on crypto trading such as Bitcoin, the nation’s second finance minister revealed. In an interview with The Malaysian Reserve, the Nation’s Finance Minister Johari Abdul Ghani has verified the country’s central bank won’t enforce a ban on crypto trading, highlighting that such a draconian move would ‘suppress creativity and innovation in the fiscal industry. The official, who stated that the government is focusing on striking a balance between public interest and integrity of the financial system, further added that: “It’s not the intention of the authorities to ban or put a stop to any innovation that is perceived to be beneficial to the public. The Opinions will come as a relief for adopters of crypto-currency such as Bitcoin at Malaysia and signifies a change in stance after Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim refused to rule out an entire ban on crypto-currencies back in October 2017. Malaysia’s central bank issued draft regulations for public consultation in mid-December wherein crypto-currency trades will likely be designated as reporting institutions. Although open to crypto-currencies, Johari stated that the central bank is taking a cautious approach that will focus on the need to have proper regulation and supervision to ensure any risks associated with such schemes are effectively contained. Financial innovation caused by monetary technology such as Crypto-currencies will improve the nation’s economic growth and also make financial intermediation simpler Johari said. Pointedly, the official went on to add digital currencies and e-wallets as a ‘part and parcel’ of Malaysia’s digitalization roadmap. The finance Ministry stressed the importance of Possessing a ‘comprehensive understanding’ of virtual currencies prior to the introduction of regulatory policies. Finance Minister stated: THIS IS PARTICULARLY RELEVANT TO RECENT INNOVATION LIKE BITCOIN, WHICH REMAINS UNREGULATED INTERNATIONALLY AND NOT BATTLE-TESTED AGAINST SHOCKS, UNLIKE MORE CONVENTIONAL MEDIUMS OF EXCHANGE.