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Malaysia’s Central bank may ban cryptocurrency!

Malaysia s Central bank may ban cryptocurrency

The Malaysia’s central bank governor will not rule out a ban on cryptocurrencies. Speaking to reporters upon upcoming regulations at a financial crime conference in Kuala Lumpur, the Bank Negara Malaysia (BNM) governor said that it would be decided at the end of the year whether to ban the trading of cryptocurrencies under its mandate as a domestic financial regulator or not.

Ibrahim also hinted that Malaysia’s final stance might not be so severe. He said, “This (ban on cryptocurrencies) is something that we will decide on by the end of the year.”

When forced to reveal more information, Ibrahim asked to show some patience. He said that in less than three months all the details would be out. Earlier, BNM stated that Bitcoin would be left unregulated, however, in September it started creating guidelines for entities working with cryptocurrencies. Last month, BNM issued an investor warning against those taking part in blockchain token sales, also known as initial coin offerings (ICOs). The announcement came soon after Chinese authorities issued a statement ordering an immediate ban to all token sales in early September.