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Malaysia sets tight crypto-currency management

Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
Malaysia sets tight crypto-currency management ảnh 1Malaysia sets tight crypto-currency management. (Photo: AFP/VNA)

Kuala Lumpur (VNA) – Malaysian police are working closelywith the country’s central bank to handle cheating cases involvingcrypto-currency Bitcoin, the New Straits Times reported on February 26.

The Malaysia-based newspaper quotedInspector-General of Police Tan Sri Mohamad Fuzi Harun as saying, even thoughthere were less than five known cases in the country so far, the police arealways at the ready if the trend grows. “We are investigating the cases theyhave so far,” he said.

“Even though the number of cases andthe amount involved are small, the Commercial Crime Investigation Department(CCID) must and will train its investigators so that they can handle such caseswell,” he added.

The central bank of Malaysia has beenhelping police by sharing its expertise and knowledge on crypto-currency fraudcases. In 2014, the bank issued a statement that Bitcoin trading was notacknowledged as legal in Malaysia.

Last year, however, it proposed thatguidelines should be produced for crypto-currency to prevent money launderingand financial support for terrorist activities.

In addition to Bitcoin, other formsof crypto-currency in Malaysia are Ethereum, Zcash, Dash, Tezos, Ripple danMonero.-VNA
VNA
#Malaysia#central bank#BNM#crypto-currency#Bitcoin#Bitcoin trading#crypto-currency management#money laundering#fraud#cheating cases#Vietnamplus#Vietnam news#Vietnam news agency#economy#business
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