Those who invest in crypto-currencies will experience at the end of the year if this will be a system of investing legal in Malaysia. As many countries have decided not to use this currency, the governor of bank Negara, Tan Sri Muhammad Ibrahim has said he would take a decision on the use of crypto-currencies by the end of the year.
He said that in less than three months, they should be able to give more details. Tan Sri Muhammad added that if the bank Negara has decided to recognize the crypto-currency as a currency, the guidelines would be published by the end of the year.
Guidelines to regulate the market of crypto-currencies in Malaysia
The governor of the Bank Negara explained that the directives it will implement by the end of the year will address the problems related to the registration of users, collection of data and the guarantee of transparency.
Muhammad said recently that this new form of currency had aroused the interest of many governments around the world. On the other hand, he stressed that the measures taken will also involve the use of crypto-currencies for illegal purposes.
The Bitcoin is not a currency legal in Malaysia
In January 2014, the Bank Negara has already given his opinion on the legality of Bitcoin. In fact, she said that this currency is not recognized as a legal currency in Malaysia. China and South Korea are the other Asian countries to ban crypto-currencies. Japan is the only country to allow the use of these digital currencies. Moreover, Bitcoin is the most popular currently.
Hundreds of virtual currency have been launched over the past two years. The investors have bought the chips newly launched with the hope of seeing an appreciation of value. For example, the bitcoin has increased nearly 600 % in one year and are currently trading at 4262,66 dollars.