While most country officials are progressively listing out reasons explaining why cryptocurrencies must be stopped from entering onto their mainland, Malaysia plans to give it a try, by keeping its better side upfront.
Let public be the better judge of cryptocurrency adoption
“Basically, we will let the Cryptocurrency promoters including Bitcoin, Ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too. By doing so, the public can decide on its own if they want to invest in cryptocurrencies.”
– Muhammad Ibrahim, governor of Malaysian central bank.
It was in the course of question and answer round on the eve of 40th-anniversary dinner of Harvard Business School Alumni Club of Malaysia, when Muhammad Ibrahim, the Governor of Malaysian Central Bank declared the above statement.
While Mr Muhammad is pretty sure that cryptocurrencies aren’t provided with the recognition of fiat currency by the country’s central bank. He certainly plans on providing an open stage, and let the market decide the future of the same in the country. During the same anniversary feast, he even publicised that a notion paper on cryptocurrencies shall be completed soon which will serve the community with the supremacy to resolve how they desire to move forward with this constantly embryonic marketplace of diversity.
Malaysian govt. embracive towards cryptocurrency regulations
Undoubtedly at this time, when most countries are not in favor of accepting a new form of economy and trying to block the same at all cost. Malaysia has come up as an example, on how ‘the new’ must be welcomed and shall be provided with a chance to grow.
“No plans to ban cryptocurrencies in Malaysia, since doing the same shall curb creativity and innovation in the financial sector” – Finance minister, Johari Abdul Ghani.
Time has changed and the manner as well. Especially when we think of financial sector and field related to the same. Thence it’s important that in this rapidly evolving environment of data and technology, policymakers aren’t just considering what can go wrong, but are also eying on the possibilities of growth.
“When necessary, policymakers should be bold in drafting policies especially when the operation in financial and economic system face pressure or the yardsticks are no longer effective,” – Muhammad Ibrahim, governor of Malaysian central bank.
As per officials, the Malaysian government has also declared that while they are planning to ease out a little while forming regulation so that corporate sectors can avail the best of future business opportunities. They have also made a point, not to let the factor of inherent risk go-by just like that. As per Muhammad, it is important the policies related to same must be transparent so that better decisions can be taken after open communication with the public.
What are your views about Malaysia’s approach towards cryptocurrencies? Let us know your thoughts in the comments below.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.