[ad_1]
The Malaysian government is still uncertain whether to make cryptocurrencies a legal entity or not. According to reports, cryptocurrencies are neither legal nor illegal in Malaysia.
In addressing this issue, the Minister of the Federal Territories, Khalid Abdul Samad said that the issue is still under discussion. He added:
"People have asked me if these currencies (cryptocurrency and digital currency) are legal or illegal." At the moment, the answer is neither legal nor illegal because the situation is not yet clear. "
Samad also said he was involved in the launch of Harapan Coin (HRP) – a proposal for a political cryptocurrency. He added that since he is not the finance minister, the cryptocurrency issue does not fall within his jurisdiction.
Samad confirmed indecision when he officiated a tea reception and a presentation of school aid for 100 orphans in Kuala Lumpur.
So how it is, Malaysia is one of the few Southeast Asian countries that are still undecided about digital currencies. Indecision delayed Malaysia's financial position. However, some individuals have put forward proposals to resolve the issue from the authorities.
Reportedly, Samad has previously proposed to Bank Negara Malaysia and Prime Minister Tun Mahathir Mohamad to use Harapan's currency for government tractions.
The finance minister, Lim Guan Eng, had warned organizations not to issue new tokens and wait for the national bank to provide explicit requests. He has declared:
"Do not do it without the Bank Negara guidelines or directive on the matter to avoid doing something wrong and against the law".
Guan also said that the government is not opposed to cryptocurrencies, but as long as they adhere to established laws.
In November, a member of Parliament asked the government to implement the regulations for activities inside the crypto space. Last year in December, the Malaysian Financial Regulatory Authority and the central bank issued a joint statement that confirmed that they were in the process of establishing regulations for cryptocurrencies and initial coin offerings (ICOs).
Like Malaysia, many countries still have to take a position on digital currencies. The current financial status of cryptocurrencies has not made it easier for the authorities to make decisions about it.
