Malaysia to legalize Bitcoin soon

While Chinese government may be locking down Bitcoin exchanges, other countries in the region are becoming more receptive of the cryptocurrency wave. Just a few days ago, Cambridge University published its first of its kind report on cryptocurrency.

Now a statement has come to light from the governor of Malaysia’s Bank Negara that Malaysia will be the next economy to embrace Bitcoin very soon. He said:

“We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”

The above statement means that Malaysia could soon be legalizing Bitcoin as a currency but before that, a proper mechanism and guidelines will be shared with the public so that everything goes smoothly. It seems like Malaysian Government has learned from what happened in China where Bitcoin exchanges and ICOs were banned due to lack of legal structure around.

After China’s ban, Bitcoin quickly lost value and there was a fear in the investment market but soon its value rose up again and reached the same level of stability despite series of negative press around it. However, in light of China’s ban on Bitcoin exchanges, other countries have risen to the opportunity of embracing Bitcoin trading. One such country is Japan who is now the world’s biggest Bitcoin market.