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Public Are Deciding Crypto’s Future In Malaysia

The future for cryptocurrencies has been somewhat uncertain in recent months, but the Malaysian government have decided that they will let the public have the final say in the future of cryptocurrencies.

On the 12th February reports from Kuala Lumpur, Malaysia have indicated that the governor of the country’s Central Bank, the Bank Negara Malaysia, Muhammed Ibrahim, will release a concept paper on cryptocurrencies which will be put to public consideration later on this month. Whilst the bank has promised not to ban cryptocurrencies, as well as not classifying them as fiat currencies; they will let the public decide which cryptocurrencies should be left to thrive, and which should be stopped.

Malaysia Flag on Hand Comic Style

During the Harvard Business School Alumni Club of Malaysia, Ibrahim explained the rather unique approach, saying;

“Basically, we will let the cryptocurrency promotors including Bitcoin, Ethereum and Ripple to be more transparent…By doing so, the public can decide on its own if they want to invest in cryptocurrencies.”

Johari Abdul Ghani, the Deputy Finance Minister is completely opposed to any restrictions on the cryptocurrency market, as he believes that a full on ban of these will actually halt the creativity and innovation that we are currently seeing in the financial sector.

He gave a speech a few days ago in front of an audience at the Sime Darby Convention Centre, where he touched on the high inflation that Malaysia experienced back in 2008, and how the country went on to deviate from the norm. He even went on to quote former US President, John F. Kennedy, who cited that conformity is ‘the jailer of freedom and the enemy of growth.’.

Malaysia does not follow the same path as other countries, and their governmental decisions when it comes to cryptocurrencies differ greatly from other governments; some of whom have severely cracked down on cryptocurrencies.

Original Image Source: Pixabay

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.