A member of the Malaysian parliament urged the government to implement the appropriate cryptocurrency regulations before embarking on the cryptocurrency project Harapan Coin (HRP), local news in English that November 14 reported to the Star.
Launched by "a group of Malaysian patriotic and worried citizens, inside and outside Malaysia", the Harapan currency claims to be the first political fund-raising platform in the world that uses cryptocurrency and blockchain technology. The mission of the project is to raise funds for the Malaysian opposition party. Money makers suggest that HRP has the "potential to become an official currency".
Fahmi Fadzil, director of the People's Party of Justice (PKR) of Malaysia, reportedly emphasized the need for adequate cryptocurrency rules before being used to fund campaigns and political initiatives. Fadzil, whose party is part of the ruling coalition, has expressed concern about "the anonymous nature of cryptocurrency:"
"The anonymous nature of cryptocurrency can open us to a number of problems and we have to wait for the guidelines from [the country’s central bank] Bank Negara Malaysia (BNM) on the cryptocurrency. "
For the Malaysian news portal the New Straits Times, former Prime Minister of Malaysia, Datuk Seri Najib Razak previously defined the creation of the HRP in question, asking who would really benefit from the "HRP plan". Razak would have ordered the minister of the federal territories Khalid Samad – who had defended the currency and had proposed to BNM – to reveal the identities of the individuals behind the project.
As reported by the Star, the documents and presentation of HRP will soon be delivered to the BNM and to the Prime Minister Tun Dr Mahathir Mohamad. Although approval may take some time, Khalid will continue to support the project.
Initially, BNM had planned to issue a directive to regulate the use of digital currencies in the country at the beginning of 2018, after having discussed and worked on the proposed cryptocurrency regulation for several months. In February, the country passed legislation requiring the exchange of cryptographic codes to completely identify merchants after the implementation of the new central bank anti-money laundering legislation (LMA).
Later in March, BNM hinted that it intended to integrate the blockchain into the banking sector, which is why it had set up a dedicated working group "to work on best practices".