Malaysia’s Finance Minister:  Meet Central Bank Before Issuing Harapan Coin

Malaysia’s Finance Minister, Lim Guan Eng has reportedly said that any entity that wants to introduce a cryptocurrency in the state must first get approval from the Bank Negara Malaysia (BNM).

According to The Strait Times, Lim made this stance known while replying to a question by Dr. Tan Yee Kew who represents the Wangsa Maju region in the parliament. Dr. Tan wanted to know whether Malaysia was going to set up a body that will oversee cryptocurrencies and ensure that they do not enter into conflict with the national currency.

“There are a few quarters trying to introduce their own (cryptocurrency) mechanism. I advise all parties wishing to introduce bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on financial mechanism,” Dr. Lim said.

“It is not that we wish to obstruct (cryptocurrency) as we are keeping an open mind. But it is still subject to existing laws. Do not try to do something without guidelines from Bank Negara and commit something against the law,” he added

Harapan Coin In Malaysia

The alleged cryptocurrency in the pipeline is the Harapan Coin which Minister Khalid Abdul Samad and some blockchain enthusiasts in the country wants to introduce. An earlier report revealed that the party behind the coin intends to implement it for payment of government licenses and other commodities.

Harapan Coin is expected to be presented to the Bank Negara Malaysia (BNM) and the nation’s Prime Minister in the coming months as the “world’s first political fundraising platform.” Its founders are also considering using it during Malaysian political elections in 2019.

The Malaysian government is yet to regulate cryptocurrencies even though it has not done anything noteworthy to stunt the growth of the invention. However, the latest controversy surrounding the introduction of the Harapan Coin may lead the country in that direction.