Malaysia’s Finance Minister Says Crypto Issuance Must Defer to Central Bank

Malaysian Finance Minister Lim Guan Eng has stated that any entity wishing to issue cryptocurrency must defer to the country’s central bank, Bank Negara Malaysia (BNM). The minister’s comments were reported by local English-language daily broadsheet the New Straits Times (NST) Nov. 26.

The finance minister outlined his stance in response to a question from parliamentary member Dr Tan Yee Kew of the country’s ruling People’s Justice Party (PKR). Dr. Tan reportedly inquired into which measures were being taken to assess the risks cryptocurrencies may pose for the financial system and local fiat currency.

As the NST notes, Dr. Tan’s question came in the context of a project for a government-backed cryptocurrency, dubbed Harapan Coin, that is soon due to be presented before the central bank and Prime Minister Tun Dr Mahathir Mohamad.

The Harapan Coin claims to be the world’s first political fundraising platform deploying cryptocurrency and blockchain technology. Last week, a Malaysian Member of Parliament urged the government to implement crypto regulations before moving forward with the plans for the coin.

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