Cryptocurrency Bank Negara Malaysia

Kuala lumpur oct the potential of cryptocurrency in islamic finance is looking bullish driven by the forward shift towards digital economy in line with the new normal according to datuk mohd daud bakar who chairs bank negara malaysia s shariah advisory council he said cryptocurrency may be deemed a new thing in islamic finance and described its potential in the new normal as many.

Cryptocurrency bank negara malaysia. Jalan dato onn 50480 kuala lumpur malaysia. It basically decrees malaysians can. This follows our report issuance of the policy paper titled anti money laundering and counter financing of terrorism policy for digital currencies sector 6. Potential of cryptocurrency in islamic finance looks bullish says bank negara s shariah advisory council chairman tuesday 06 oct 2020 08 00 pm myt bank negara s shariah advisory council chairman datuk mohd daud bakar said cryptocurrency may be deemed a new thing in islamic finance and described its potential in the new normal as many low hanging fruits in the segment.

All parties wishing to introduce cryptocurrency in malaysia must go through bank negara malaysia bnm first said lim guan eng. A central bank digital currency cbdc if introduced is unlikely to replace cash transactions any time soon. Bank negara malaysia has published a list of companies that have declared themselves as cryptocurrency exchanges or service providers but emphasized that it has neither licensed nor authorized. Instead it should be a complement to cash and bank deposit.

A study published by bank negara malaysia in september explores the implications of a bank negara malaysia cryptocurrency or as the report calls it. Cryptocurrency is a nascent stage but if it gains more commercial traction countries might consider issuing a sovereign cryptocurrency as a safe alternative to counter the use of decentralised cryptocurrency. Bank negara malaysia has published the list of cryptocurrency exchanges in malaysia that has registered itselves as a reporting entity with the regulator. 1300 88 5465 bnmtelelink 603 2698 8044 general line bnmtelelink bnm gov my.

Although one of the options being considered by the authorities is the possible ban of such currencies this would be quite difficult as decentralized crypto exchange models are in fact beyond. After a long wait bank negara finally issued a cryptocurrency guideline in malaysia in february. Under section 20 of the cbma 1958 only bank negara has the right to issue currency in malaysia any currencies issued by other people are illegal. The national bank of malaysia bank negara which sees to the stability of the monetary and financial systems has yet to make a decision on the legal status of bitcoin and cryptocurrency exchanges.