Bank Negara Malaysia (BNM) is planning to issue guidelines on cryptocurrency by year-end, said Governor, Tan Sri Muhammad Ibrahim.
"We hope that by year-end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing.We want to ensure that there is a clear guideline for those who want to participate in this particular sector," he told reporters on the sidelines of the Global Symposium on Development Financial Institutions here, today.
Cryptocurrency, such as Bitcoin, is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and control the creation of additional units of the currency. Cryptocurrencies are used primarily outside existing banking and governmental institutions, and exchanged over the Internet. While these alternative decentralised modes of exchange are in the early stages of development, they have the unique potential to challenge existing currency and payments systems.
As at June 2017, total market capitalisation of cryptocurrencies exceeded US$100 billion (US$1=RM4.19), recording a daily volume of more than US$6 billion.
As a reminder couple of days ago BIS (Bank of International Settlements) said that "the world’s central banks can’t sit back and ignore the growth in cryptocurrencies"
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