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All cryptocurrencies issued in Malaysia must go through country’s central bank

Lim Guan Eng, Malaysian Finance Minister, said that all cryptocurrencies must go through Bank Negara Malaysia, the country’s central bank, before being issued to the public, reported the New Straits Times.

“I advise all parties wishing to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on financial mechanism,” – said Lim Guan Eng, during parliamentary questioning.

“It is not that we wish to obstruct (cryptocurrency) as we are keeping an open-mind,” – Lim Guan Eng continued. – “But it is still subject to existing laws.”

While the Finance Minister is making these suggestions, it is unclear how exactly the country plans on regulating any cryptocurrencies that do approach the Malaysian central bank.

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