The Malaysian government will not impose a ban on cryptocurrency trading in the country as a large number of Malaysians have invested in Bitcoin. This was announced in a recent interview with The Malaysian Reserve by the second Minister of Finance of Malaysia, Datuk Seri Johari Abdul Ghani.
He also noted the importance of maintaining a balance between the interests of the general public and the integrity of the financial system.
Recall that it was previously reported that Bank Negara Malaysia was considering a complete ban on cryptocurrency trading in the country. But the finance minister has given hope that a ban will not happen.
“The government will not stand in the way of technological progress, which many believe will bring many benefits to society. However, the country's central bank will ensure that exchanges that trade cryptocurrencies conduct thorough due diligence on their customers and report suspicious cases to authorized bodies. As with any investment schemes, there needs to be proper regulation and oversight by authorized bodies to help manage the inherent risk any similar schemes.” - said the second minister.
In conclusion, he added that the government must have a clear understanding of cryptocurrencies and the principles of their operation before passing new laws and introducing new rules.
In December, Malaysia's central bank, Bank Negara Malaysia, published a plan to regulate cryptocurrencies in the country.
According to https://www.coindesk.com
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