Malaysia’s Central Bank Says The Public Will Decide The Future Of Cryptocurrencies

The fate of cryptocurrencies depends on the public – according to the head of Malaysia’s central bank who stated that the country will neither ban nor recognize cryptocurrencies at the time. While speaking at the 40th anniversary dinner of the Harvard Business School Alumni Club in Malaysia this month, the governor Muhammad Ibrahim pointed out to many answers regarding the future of cryptocurrencies.

Ibrahim also scratched the surface of the future of Bitcoin and other altcoins.
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The governor of Bank Negara, revealed his free-market stance about cryptocurrencies and his unique hands-off approach that will see the public make their own decisions with investments or taking parts in crypto markets.

As he said, “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.”

Ibrahim also hinted at some fundamental guidelines for the cryptocurrency sector in Malaysia. He added that by accepting cryptocurrencies, the public can decide whether they want to invest in them or not. Still, he also said that the authorities would not recognize cryptocurrency as fiat money but added that it wouldn’t ban them in the country either.

Meanwhile, Malaysia’s central bank is already working on a regulatory framework that will deem cryptocurrency exchanges as ‘reporting institutions’ in order to curb the unlawful activities through the crypto market.

Aside from Malaysia, Philippines has taken a similar approach to cryptocurrencies in today’s society. These two countries are certainly making big steps in embracing these virtual currencies.