Be aware of all developments relating to cryptocurrency, track trends and rates ups and downs, learn all about Mining and complexities of the Bitcoin system and be sure you will be aware of the most urgent and important news of World Mining company.
"The World - that is, information that grows over time."
"He who owns the information, owns the world."

Malaysia Central Bank to ”Let Public Decide” Crypto’s Fate

Malaysia Central Bank to Let Public Decide Crypto’s FateMalaysia’s central bank, Bank Negara, is set to release a “concept paper,” calling for the public to decide the fate of cryptocurrencies in the country, according to a recent report. Bank Negara governor Muhammad Ibrahim is said to have assured the bank will neither ban nor recognize cryptocurrency, and that the paper will be finalized in February. Also read: Internet Pioneer Who Influenced Assange & Snowden Dead at 70

Malaysia Lets Public Decide

At the 40th anniversary dinner of Harvard Business School Alumni Club of Malaysia, Bank Negara governor Muhammad Ibrahim said, “Basically, we will let the cryptocurrency promoters including bitcoin, ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too. By doing so, the public can decide on its own if they want to invest in cryptocurrencies.’’ Malaysia in recent years has been an economic tiger, its economy growing faster than more powerful regional cousins South Korea, and even outpacing France and Australia. Its government is unusually paternalistic with regard to the economy, however, though less so as it has developed. Politically it occupies an odd space in Southeast Asia as a federal constitutional elective monarchy. Something akin to the Westminster system, the king is chosen in rotation by hereditary families, and he acts as ceremonial head of state, appointing upper parliament house members and ministers. Malaysia Central Bank to Let Public Decide Crypto’s Fate Mr. Ibrahim’s comments follow Finance Minister II Johari Abdul Ghani who explained the country wouldn’t ban cryptocurrency completely so as to avoid curbing “creativity and innovation in [the] financial sector,” according to a report. This is at least the second time the government has reverted to public opinion with regard to cryptocurrencies. Back in December of last year, the central bank put together crypto regulatory guidelines for both citizens and businesses in the country.

Bold Policy

While Mr. Ibrahim’s latest comments might seem a victory for freer market forces, a hint of the old paternalism also pervaded the report. He waxed on about exactly how much debt citizens should have relative to housing prices, broadening to the regulator’s role in an economy. He mentioned understanding the corporate sector is always looking for a relaxation of rules, but that the government’s job was to preserve “stability.” Malaysia Central Bank to Let Public Decide Crypto’s Fate “When necessary, policy makers should be bold in drafting policies especially when the operation in financial and economic system face pressure or the yardsticks are no longer effective,”  he reminded. For crypto enthusiasts, the hope is Bank Negara really does listen to its citizens, as the country continues to have a vibrant scene of cryptocurrency exchanges in the traditional sense along with peer-to-peer options.  Do you think the central bank will keep its word and listen to the will of the people? Let us know in the comments section below.
Images courtesy of Pixabay.
Need to calculate your bitcoin holdings? Check our tools section. The post Malaysia Central Bank to ”Let Public Decide” Crypto’s Fate appeared first on Bitcoin News.

Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand
Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Seve...

16.08.2018, 06:25Read more
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud. Also rea...

16.08.2018, 04:25Read more
Five Benefits to a Bear Market
Five Benefits to a Bear Market

We’ve been in a slump for a while now, and by the looks of it will remain in one for a good while longer. How long, how low, and how slow the recovery is anyone’s guess. If you’re reading these words, you’re still here, and thus it’s safe to assume you’re in this for the […] The post Five Bene...

16.08.2018, 02:05Read more