Cryptocurrency regulations by Bank Nagara Malaysia
Bank Nagara Malaysia is closely focusing on effective regulation on cryptocurrency fund and market activities. The decision on regulation is still not precise, however sources have revealed that bank is deciding on closing virtual currency operation across the country.
Though, there are few countries whose regulation is quite effective when it comes to using cryptocurrencies. Malaysia seems to have a harder decision than expected regarding digital currency protocols.
Decentralized nature of currency cannot control by Government
Since, cryptocurrency is decentralized, Government cannot control it completely, thus it is not possible to act upon complete ban.
However, the Malaysian Central Bank can release ban order towards banks on dealing with digital currencies. Customer account closure dealing with virtual currencies. And strict commencement of cash flow through P2P marketplaces or decentralized exchange models.
By the end 2017, this mess is expected to be clear. Nonethless, it is unclear whether central bank of Malaysia will officially regulate the use of digital currencies or introduce something new in market.