Minister of Malaysia: There is no plan to ban Bitcoin transactions

nBankruptcy comment: Malaysian minister said the government does not have a ban on encryption currency trading plan, but I hope government officials based on a profound understanding of the development of a reasonable policy supervision to prevent market risk. At the same time, the exchange is required to complete the report of allotted and suspicious transactions.n
nTranslation: Annie_Xun
Malaysia’s second minister of finance, Malaysia, said the government will not ban Bitcoin and other cryptocurrencies, but remains vigilant about the technology.n
In an interview with local media The Malaysian Reserve, Johari Abdul Ghanis emphasized the importance of “balancing the public’s appeals with the integrity of the financial system.” Forbidding cryptocurrency can hurt financial innovation.n
Johari told reporters:n
n”The government has no intention of prohibiting or suspending any innovation deemed beneficial to the public interest.”n
nHowever, Johari said Bank Negara Malaysia will ensure clients do their best in the future by encrypting currency exchanges and report suspicious transactions.n
Johari said that, like all investment plans, “proper regulatory monitoring is needed to ensure that any risks associated with such a plan are effectively controlled.”n
In December 2017, BNM released a draft guidance document containing a cryptocurrency exchange.n
The minister further discussed the importance of financial innovation to Malaysia, saying it could boost economic output and “make financial intermediation more seamless.” Digital currencies and e-wallets should join the digital road in Malaysia.n
In conclusion, Johari said it is important that the government must understand the currency deeply to formulate new policies and regulations.n
n”This is particularly relevant to recent innovations such as Bitcoin, which is not being regulated globally at the moment and has not undergone arduous hands-on testing, unlike the more traditional exchange medium.”n

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