Happy New Year!

Cryptocurrency; Financial Technology; FinTech; Blockchain -- it is the beginning of the transformation of entire financial ecosystem. Money, is effectively a constraint at a nation's state level. Cryptocurrencies changes the view on trans-national transactions seamlessly.

In an article published in The Economist - Oct 2017, it is said that cryptocurrencies has profound implications in changing our world. Being ready and curious on the potential changes and implication towards the financial ecosystem is important as technology may be a disruptive change, a change that could be positive for the next generation in finance.

Blockchain is the next generation of internet for decentralised applications. This builds trust that helps global trade, a new evolution of money. The next generation of trading enables everyone to exchange and trade without any surcharges, increases efficiency, being responsible and removes middle-man transactions.

In a statement released by the Central Bank of Malaysia dated 14 December 2017, the Central Bank does not intend to regulate Digital Currencies. However, the invocation of reporting obligations on digital currency exchange business does not in any way connate the authorisation, licensing, endorsement or validation by the Central Bank of any entities involved in the provision of digital currency exchange services.

The release of an exposure draft by the Bank on the invocation of reporting obligations on digital currency exchange business as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). This aims to ensure that effective measures are in place against money laundering/terrorism financing risks associated with the use of digital currencies and to increase the transparency of digital currencies activities in Malaysia.

This move by the Central Bank aspires in making digital currencies trading transparent in Malaysia.

What's important is that, we consumers, personally, should be aware of the changes in the way the financial ecosystem. Being aware and curious of new technologies in the financial space is crucial. We don't have to be an expert, but merely to know enough to be able to make our own decisions.

Blockchain Technology, a financial technology adoption creates opportunities towards entrepreneurship for the future.