Now, the China's FUD is over and Jamie Dimon's statement doesn't not worth anymore, a latest bomb can fall on cryptocurrency market space soon enough. This time Malaysia is considering cryptocurrency ban before the end of this year i.e 2017.
Cryptocurrenices has always been the point of interest of everyone once they have started trading on exchanges. The value increasing was really above every other investment instrument. Although, many cryptocurrecy projects have come into existence yet every project manages to get people invest in their project. For common people, cryptocurrencies opened the door of financial freedom.
But at the same time, cryptocurrencies are highly volatile and a caution have to be taken before investing blindly in any cryptcurrency project. Well now, the FUD may come anytime soon because Malaysia has come up with their master plan of banning cryptocurrencies within the borders of their own country.
In a financial crime conference recently happened in Kuala Lumpur, the governor of Bank Negara Malaysia has given the statement that they're going to take a major decision regarding the legal status of cryptocurrencies within their country's borders.
According to Malaysian Insight, The governor of BNM said the following statment:
"This (ban on cryptocurrencies) is something that we will decide on by the end of the year. The guidelines that we will be issuing before the end of the year will address issues in terms of registering the players, collecting data and ensuring that whatever they do will be transparent."
Last month, the BNM also announced the guidelines for all the investors investing in the infamous ICO's. Actually, it was kind of warning by BNM to all the investors.
ICO's have always held a bad record, full of hackings, conspiracies and scams. Having seen all these downsides, the Malaysian government have already warned all the investors to curb their investing activities in the ICO's.
Although, Mr. Ibrahim, the governor of BNM said that there is much time left for any decision to be implement. Almost three months are there, so there's no need to create a panic regarding the cryptocurrencies.
Ibrahim has already appointed a committee to keep an eye over all the cryptocurrencies related activity within the state and closely watching all the investors.
This committee has to submit their report regarding all the pros and cons of cryptocurrencies trading and circulation and on the basis of that report, the Malaysian government will take final decision.
Let's just hope that everything remains under control and market remains stable as it is now.
I would advise all the investors to take care of your capital wisely as the crypto market is highly volatile.
Thanks for reading ..!!
