I'm in Kuala Lumpur for a few days and it's been a beautiful experience so far as always. Malaysia is a well managed country and I had to look into some of the policies surrounding cryptocurrencies and suffice to say I'm quite pleased to learn about it.
Bank Negara Malaysia is the Central Bank of Malaysia and they have been debating cryptocurrencies and policies around them for a while now. Recently the governor of the central bank made a statement saying that they are working on a concept paper for cryptocurrencies but will leave the fate of its regulation to its crypto investors.
“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” -BTCManager
Bitcoin compared to stocks are relatively new to the world. The market is unregulated and its extremely volatile owing to low liquidity when compared to the currency markets. According the the Malaysian Central Bank, for authorities to fully regulate the market and come out with policies that allow people to trade effectively while also safeguarding their money and prevent security loopholes, they (officials) need to fully understand what they are dealing with.
In fact the finance minister of Malaysia in an earlier report has clarified that banning cryptocurrencies are not a solution as it could be damaging to the growing fintech sector in Malaysia. Overall the situation looks very positive with the central bank expected to come out with a democratic policy which allows safer trading of these currencies in Malaysia.
They are certainly open to adopting these technologies even if they are largely used for speculative purposes.
We live in a world where government control over our freedom is growing excessively and sometimes it is unchecked. India is somewhere in the middle where the government is trying to enforce greater number of laws especially on our finances and the country is pushing back on it sometimes.
Indian central bank feels endangered with the rising popularity of decentralised 'crypto-assets'-it is what govt of India likes to call cryptocurrencies. Hopefully in the year to come we'll see some positive changes after the government releases the draft of the framework on cryptocurrency here.
Malaysian central bank is doing the right thing and it's amazing how this country and their forward thinking government recognises the growing significance of cryptocurrencies in the world, and how it can benefit their economy and their people.
Even as the Malaysian government has said that they won't give cryptocurrencies the same status as the fiat currency, it expects the public to pitch in on how they want to see the growth of this sector in Malaysia.
Indian government needs to take a cue from this and learn that they can't afford to get left behind. It's time to do something positive and proactive for the benefit of the Indian economy by supporting mainstream adoption of cryptocurrencies instead of curbing its use for speculative purposes or as legal tender.
It is not easy for any country to recognise a secondary financial instrument on par as it's own legal tender and give it any kind of legal status that brings it on par with their fiat currency. However, some governments thinking long term and understanding the fact that these disruptive new technologies are here to stay.
The fact that some governments understand this, and are trying to work with the given situation actually gives me hope. Because we are indeed ushering towards a smarter economy in the world where cryptocurrencies will be a major part of our everyday lives.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Steemit.Chat Contest #17 + Contest #16 Winners Announcement!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- India Steem Meetup #4—An AWESOME Meetup In New Delhi—India's Capital and 40+ Attended!
Hi @firepower, I really hope this is real though...
At least there's some hope. But I'd like to believe in hope too :)
Anyway, is that the reason why you're able to join us at the Team Malaysia CNY gathering? It was really good having you over, although I didn't manage to really speak to you 'cause of time constraint and human 'traffic' haha! But really was nice having you here and kept you in my loop! Cheers :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It looks like Government of India and The Banks in India are trying to act fools when coming to Cryptocurrency. I don’t know if they really are acting fools are is it just like to defend their ill-fated centralised Sysytem. The Other Day, i talked with a Stock Market Employee and i was shocked to see how he reacted when I tried to
talk him in Cryptocurrencies. I don’t know where from they get these lame excuses for not opting for Crypto. I was shocked to see how many points he jotted down against Crypto.
The Crypto Market in the world in now raised to such a bar that it is highly unlikely and even foolish to think that it is just a Bubble.
Government need to fully understand and accept it as the future of Economy in the world. The Sooner the Better for a Country.
Kudos to Malaysian Govt and their Banks.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The central banker, refreshingly, revealed a decidedly free-market stance on cryptocurrencies wherein a hands-off approach would essentially see the public make their own decisions with investments or participation in cryptocurrency markets.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
And that is a good thing!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very informative Thank you for the post........ You are a beacon of hope to us. Hope to become a great STEEMIAN like you. Thanks for the support
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Banks need to either get on board with the 3rd industrial revolution are become extinct!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Here in Nigeria which is also a democratic state the central bank announced that the public should not subscribe to the cryptocurrency evolution because it a scam, I was perplexed when I heard the broadcast, those guys are myopic
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
A country inundated with internet scammers warning its citizens to beware of scams. Ha, the irony.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
No wonder the country (Malaysia) is moving forward consistently.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Smart government. It's rare to see this coming from a government.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I only wish the Philippines could pay more attention to other growth countries in the region. Seems they are too slow to learn.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good to know about Malaysian Central Bank. RBI should not be apprehensive about cryptocurrencies and come up with proper framework for trading/usage of cryptocurrencies. A policy is expected to be announced this year.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Offshore trading in ringgit non-deliverable forwards on EBS BrokerTec’s electronic platform has dropped by about 70 percent since policy makers took steps in November to deter foreign banks from trading the contracts. Now, officials are looking at easing rules on the short-selling of government debt after the crackdown saw global funds withdraw more than 35 billion ringgit ($8 billion) out of Malaysian sovereign bonds in the four months through February.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's really informative post. Thanks for sharing it. Sir!!!!!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I completely agree with @firepower and even Japan the country whose technical advances are followed closely by India have declared bitcoin as a legal tender effective from April 1st, 2017 itself.
I guess we should be hopeful since the report from the commission set is yet to come.
Fingers crossed (even of the foot :P)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Сryptocurrencies is a new class of assets, all over the world it's starting to accept ones
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hands off. Wait and see. Let the free market work wonders. Countries doing the rigjt thing now will shape their future. They will be innovation hubs in a truly globalized world. Attracting talent and wealth. Idiot countries will rot away.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very beautiful news, if in near future every government of the world understand the concept and importance of the existence of cryptocurrncy market, it will be the great time for all of us. Thanks for sharing such a beautiful post, wish you good luck and good health from India, our rising star. Resteem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think india wants to go in the era of stone by banning bitcoin...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Glad to know about malaysian bank,and the concept of cyrptocurrency.
Every government should know the importance of cryptocurrency.
Hope!you will soon do a meet-up in assam,to influence the steemit concept all over the world.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
elated & wonderful!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
great & pleasing!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is the progressive thinking we need from governments. Give new technology a chance to prove itself and perhaps make it a win-win situation for the people and the government by regulating it properly. If more countries open up to the possibilities of cryptocurrencies, and reap benefits from it, others will follow. But solid, good information and patience will be extremely important.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's so good of the Malaysian Government to let the public decide how they want to approach Crypto currency,It's certainly something that the Narendra Modi Government should look at.
I'm Hopeful for a better Crypto Future in India.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
woo .. very cool banks in malaysia can exchange bitcoin, malaysia banks is best @firepower
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
very cool really malaysia banks can exchange bitcoin, so want this in indonesia should be like in malaysia can exchange bitcoin @firepower
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice post about bitcin and cryptocurrency.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good post,i like bitcoin,amazing,please apvote @azhariilyas
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good market
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'll be in KL in a week! Wish you would still be there
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Malaysia is definitely doing the right thing regarding cryptocurrencies. I just hope more countries will follow suit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Its really nice having the Central Bank of Malaysia talking about crypto currencies. It would be really nice if it can be officially adopted and properly regulated
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ye definitly why can't they learn from like Japan,Switzerland,Arizona,Wyoming,tel Aviv, levied some taxes they need and get the part of the changing economics around the world instead imposing bans and all.
On the other hand banking sectors are onto the verge of big fall in India guys like Nirav modi,Vijaya Mallya,Lalit modi,Mehul choksi run away with big stacks of money and making us suffer.thats bad.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
how many days have you been here? I read from your post you are very understanding about malaysia, I am very amazed with you. congratulations on your visit to our place I hope you are happy and feel at home here.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello @firepower. Wow! This is going to give birth to a new financial system. I think i like the concept. And I hope it will be properly regulated.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Go Malaysia!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Welcome to Malaysia @firepower
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hopefully, most governments in the world will open their doors to crypto where I feel if they can just see the potential and how it can create more job opportunities and many other innovative projects. Thanks for your effort in promoting steemit in India. I am your follower and have been upvoting for most of your posts!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Government needs to be lesser strict in making policies for our economic growth which will ultimately lead to the growth of nation.
A nice post by u
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You reflect my thoughts almost word for word. It's about time the government of India stops taking negative archaic steps and think about the whole thing looking towards the future. Our country cannot anymore afford to be left behind when the entire world rushes ahead. We have done this same foolishness too many times, I sincerely hope we have learned our lessons from past mistakes. Bring in regulations to prevent scams but do not deprive people the freedom to chose where they want to invest their money.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's great @firepower. I am too excited to see someone from my country on steemit. Glad to see you man. I wish we meet on meetup in future because i want to learn alot from you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Resteemed AND followed... Lookout @daytoday, thank YOU. 👌
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow likes your post .. happy reading it .. really amazing ... thanks for sharing on a good day.
I like to read every post you .. I also learn a lot about steemit from every post you. Whether it's writing or photos. Thank you steemians ..
It's an honor for me if you visit my blog..
@imranpase
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
https://steemit.com/colorchallenge/@hrisheekrayb/colorchallenge-sunday-purple
How's it guys.
Please show your love by following me.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow!!
The post is so informative.
But i believe that banning cryptocurrencies will do more harm than good.
Your posts normally interest me, i like the way you put everything down, in a way that it would be understood..
Keep it up boss @firepower
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hai..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very informative. Thanks for sharing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello , I live in Myanmar Country.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We as Indians need to be more outgoing and adventurous, shedding the age-old precautions approach is the want of the time. Adopting newer modern policies will make us stronger and not being afraid to implement them.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@firepower india is a democratic country and sometimes democracy stands in the way of growth. As in india whenever a new law is about to be implemented many people come forward in its opposition. Sometimes from another political party or another religious group Which on the other hand leads to slow judicial procedures. And yes it's a new technology so people tend to hesitate and banning investing in cryptocurrency isn't an option this may hinder the growth of a new booming sector which be used in a wide variety of applications.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit