Guan Eng: Refer to Bank Negara on cryptocurrencies

KUALA LUMPUR: Finance Minister Lim Guan Eng has pulled the brakes on those seeking to create cryptocurrencies pending the final word from Bank Negara.

“We need to be cautious as Bank Negara is the authority that handles and manages all forms of new currency technology.

“I am certain that there are those trying to introduce their own mechanism.

“This is where I wish to advise all parties, no matter who they are, intending to issue bitcoin or cryptocurrency, that they must refer to Bank Negara which is the authority that will have the final say on this new form of currency,” Lim said when answering a question raised by Datin Paduka Dr Tan Yee Kew in Parliament yesterday.

Lim said it is necessary for Bank Negara to carry out an in-depth study on the matter.

“Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something which is wrong and against the law,” Lim said.

Lim said the government was still open to new forms of currency but it must be done in accordance to existing laws.

Tan wanted to know what measures were being taken to address the issue of cryptocurrency, as it could result in problems for the local currency.

Later during debates at the committee stage on Budget 2019, Khairy Jamaluddin asked on the status of the Harapan Coin mooted, as there were reports that it had been sold through Harapancoin.com.

“Although it is a new initiative and has yet to get approval, it was reported that the coin is being trad- ed at US$45 for 100 units and has since collected US$772,” he said.

The proposed creation of the Harapan Coin was mooted by Federal Territories Minister Khalid Samad earlier this month and would be the world’s first political fundraising platform using blockchain and cryptocurrency technology.

Khalid said paperwork and a presentation on the Harapan Coin had been prepared and would soon be presented to Bank Negara and Prime Minister Tun Dr Mahathir Mohamad.