Malaysia considering cryptocurrency ban

Malaysia would not rule out a ban on cryptocurrency.

Just a few weeks ago we told our readers that Governor of Bank Negara Malaysia (BNM) has hinted that Malaysia will be the next economy to embrace Bitcoin very soon. But yesterday, in a financial crime conference in Kuala Lumpur, the governor has said that they will not rule out a ban on cryptocurrency. He added that it will be decided before the end of the year whether the trading of cryptocurrencies will be banned or not.

Malaysian Insight reported,

“This (ban on cryptocurrencies) is something that we will decide on by the end of the year. The guidelines that we will be issuing before the end of the year will address issues in terms of registering the players, collecting data and ensuring that whatever they do will be transparent.”

Just last month, BNM announced that regulations for those working in cryptocurrencies exchanges and Initial Coin Offerings will be announced very soon. It also warned the investors participating in initial coin offerings.

Just recently, China, one of the top destinations for cryptocurrency exchanges, put a ban on trading platforms as a result of which Bitcoin’s value went down. But right now it is in stable mode. Amidst banning of cryptocurrency trade in China, Japan has emerged as the biggest player in cryptocurrency market.