Malian finance minister Lim Guan Eng said that any entity that intends to issue cryptocurrency should refer to the central bank of the country, Bank Negara Malaysia (BNM). The minister's comments were reported by the local English newspaper The New Straits Times (NST) on 26 November.
The finance minister outlined his position in response to a question from parliamentary member Dr Tan Yee Kew of the country's People's Party of Justice (PKR). According to reports, the dott. Tan asked what measures were taken to assess the risks that cryptocurrencies can pose to the financial system and the local currency.
As the NST observes, the question of dr. Tan is in the context of a government cryptocurrency project, nicknamed Harapan Coin, which will soon be presented to the central bank and to Prime Minister Tun Dr Mahathir Mohamad.
The Harapan currency claims to be the first political fund-raising platform in the world that uses cryptocurrency and blockchain technology. Last week, a Malaysian member of parliament urged the government to implement cryptic regulations before proceeding with money plans.
As previously reported, BNM had initially planned to issue a directive to regulate the use of cryptocurrencies at the beginning of 2018, after several months of preparation.
Guan Eng answered Dr. Tan's question urging caution, pointing out that the systemic impact of cryptocurrencies on financial stability is still under investigation and that all entities that consider cryptocurrency issue are subject to to the central bank regulatory line:
"I advise all parties wishing to introduce Bitcoin cryptocurrency (style) to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on the financial mechanism. [cryptocurrency] how we are keeping an open mind. But it is still subject to existing laws. Do not try to do something without the Bank Negara guidelines and commit something against the law. "
According to the NST, on the 13th the Minister of the Federal Territories Khalid Abdul Samad revealed that all the paperwork had been prepared to organize the Harapan money project before the BNM and the presidential council. The proposal has aroused fierce criticism from multiple civic and political actors, with the civil society group Center for a Better Tomorrow (Cenbet) accusing the government of being "overly eager" to embark on "fashionable but untested" schemes. .
In February, the country passed legislation requiring the exchange of cryptographic codes to completely identify merchants after the implementation of anti-money laundering legislation (AML) of the new central bank. The NST report refers to further comments by the finance minister who outlined the Malaysian struggle with illicit money outflows, through the spectrum of evasion of duties, duties and taxes, smuggling, illegal capital outflows and more.