Sun06242018

LAST_UPDATESun, 24 Jun 2018 9am

BNM Estimates 2017 Monthly Digital Currency Transaction At RM75 Million

KUALA LUMPUR – Bank Negara Malaysia (BNM) has estimated the average monthly transaction of digital currency in the country last year stood at RM75 million.

The Finance Ministry, in a written reply dated March 12 to Dr Ko Chung Sen (DAP-Kampar) circulated in the Dewan Rakyat today, said, however, digital currency was not recognised as legal currency in Malaysia or any other country.

"BNM does not plan to recognise Bitcoin or any digital currency. BNM also does not currently have any proposal for issuing its own digital currency," said the written reply.

It said those who used and traded in digital currencies were doing so at their own risk and consumer protection was not guaranteed under any law.

It said effective Jan 2, 2018, any individual or company involved in crypto-currency exchange activities was classified as a reporting institution under the Anti-Money Laundering, Terrorism Financing and Proceeds of Illegal Activities 2001 (AMLA).

-- BERNAMA