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.
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.
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