BNM to issue rules on cryptocurrencies by year end

BNM Governor Tan Sri Muhammad Ibrahim said he was looking at this matter and the details as the new form of currency had attracted a lot of attention around the globe.

KUALA LUMPUR: Bank Negara Malaysia (BNM) will issue guidelines on cryptocurrencies by the end of the year.

BNM Governor Tan Sri Muhammad Ibrahim said on Tuesday he was looking at this matter and the details as the new form of currency had attracted a lot of attention around the globe.

"We hope that before end of year to come out with guidelines on cryptocurrency 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," he said.

Muhammad was speaking on the sidelines of the Global Symposium on Development Financial Institutions here at Sasana Kijang.

On the ringgit, he said the local unit should always be reflective of Malaysia's economic strength and fundamentals.

"What is important is not so much the level of the ringgit but what is more important is that the ringgit must reflect the economic strength of Malaysia. If economic growth and inflation is under control then the exchange rates should reflect that," Muhammad said.