The central bank of Malaysia or Bank Negara Malaysia, has not yet taken a final decision on how to regulate effectively the use of digital currency in the country. According to some sources, one of the options envisaged by the central bank is the possible ban on crypto-currencies. The regulation of the market of crypto-currencies in Malaysia seems to be more difficult than expected. Moreover, it is the same everywhere around the world. In fact, there are still very few countries which have introduced clear guidelines and operational on the use of crypto-currencies.
What are the options of the central bank ?
The implementation of a complete ban on virtual currencies can be ruled out, since the government can neither prohibit nor to prohibit what he cannot control. However, the central bank could turn to the prohibition of the use of crypto-currencies by private banks. There was also the closure of the bank accounts that use the crypto-currencies as a currency, and that use of foreign currency from market in peer-to-peer or decentralised market.
Malaysia tends towards the adoption of an already existing model
Despite the indecision of the Bank Negara Malaysia, it is expected that the issue of the regulation of crypto-currencies is clarified by the end of the year. It will be very interesting to see whether the central bank will authorize formally the use of crypto-currencies or will suppress the introduction of innovations related to technology Blockchain. In this case, it is quite possible for Malaysia to follow the example of China. In effect, instead of completely banning the crypto-currency, the chinese government has decided to put an end to the ICO and to temporarily suspend the transaction ” CNY-to-cryptocyrrency “. There are also other models across the world on which Malaysia could take example.