When answering a question about whether or not digital currencies are at the moment authorized or unlawful, Khalid Abdul Samad, the Malaysian federal territories minister, reportedly mentioned:
“At the moment, the answer is neither legal nor illegal as the situation is still unclear.”
Samad additionally identified that whereas he was concerned within the launch of Harapan Coin (HRP) — a proposed political cryptocurrency — he wasn’t appointed as finance minister, noting that the the matter due to this fact doesn’t fall beneath his jurisdiction.
In December 2018, as Cointelegraph reported, Malaysia’s finance regulator and central bank issued a joint assertion by which they confirmed they have been organising regulation on cryptocurrency and preliminary coin providing (ICO) property.
Samad has additionally reportedly beforehand proposed to Bank Negara Malaysia and Prime Minister Tun Dr Mahathir Mohamad to use the digital foreign money, Harapan Coin, for presidency transactions.
However, as Cointelegraph reported in November final 12 months, a Malaysian Member of Parliament had urged the government to implement correct cryptocurrency laws earlier than endeavor the Harapan Coin cryptocurrency venture.
Cointelegraph explained in a devoted evaluation in December 2018 that as a lot as 30 % of the funds raised for the venture have been destined for the system’s directors — who stay successfully nameless.