The central bank of Malaysia, bank Negara Malaysia, has to decide on the way to successfully control the usage of cryptocurrencies in Malaysia. One of the options being taken into consideration by the financial institution is the possible ban of digital currencies.
Regulating the digital currency marketplace in Malaysia appears more difficult than predicted, and it is growing to be that way throughout the globe, as there are nevertheless very few nations that have added official suggestions on the usage of this new kind of money. Enforcing an entire ban on digital currencies is not possible under any instances since authorities can’t ban or restrict what they can’t manage.
Some possible options that might be utilized by the bank Negara Malaysia are the prohibition of banks from coping with cryptocurrencies, the closure by banks of client accounts using digital currencies, and forcing the usage of coins via peer-to-peer marketplaces or decentralized exchange models.
In spite of indecision via bank Negara Malaysia, it’s far predicted that the problem of regulating cryptocurrencies will become clearer by the end of 2017. It will be very exciting to see whether the Malasian central bank will formally authorize the usage of the cryptocurrencies or repress the creation of new improvements.
However, a report claiming that China has already banned the usage of digital currencies appears to be erroneous. It seems that what the China’s authorities has done was to restrict initial coin offerings and quickly droop Chinese Yuan to cryptocurrency buying and selling instead of issuing a entire ban on the digital currencies.