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Malaysia's Central Bank........Considers Cryptocurrency Ban before the Year End!


The Central Bank of Malaysia is certain there will be some stringent regulation on cryptocurrencies in the country before long, though the governor would not rule out a ban on cryptocurrencies.

Fireinthebone gathered that at a financial crime conference in Kuala Lumpur, the governor of Bank Negara Malaysia (BNM) said it will decide "before the end of the year" whether to ban the trading of cryptocurrencies under its mandate as a domestic financial regulator.

The guidelines that we will be issuing before the end of the year will address issues in terms of registering the players, collecting data and ensuring that whatever they do will be transparent."

Yet, in subsequent statements, Ibrahim hinted that Malaysia's final stance might not be so severe.  According to the Malaysian Insight, he said the ban on cryptocurrencies issue is something that we will decide on by the end of the year. 

Pushed for further information, Ibrahim called for patience. "Now is only October," he said. "In less than three months we will give you the details."

While it had previously stated that bitcoin would be left unregulated, BNM announced in September it would begin to create guidelines for entities working with cryptocurrencies. Last month, BNM issued an investor warning for those participating in blockchain token sales, also called initial coin offerings (ICOs).

That announcement came soon after Chinese authorities issued a statement in early September ordering an immediate halt to all token sales. 


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