Bank Negara reins in digital currencies

(From left) Bank Negara Governor Muhammad Ibrahim, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Minister of Justice and Minister assisting prime minister for counter-terrorism Australia Michael Keenan and General Wiranto coordinating minister for political, legal and security affairs of Indonesia at the opening of the 3rd Counter Terrorism Financing Summit 2017 in Kuala Lumpur, Wednesday, November 22, 2017. - RAJA FAISAL HISHAN/The Star

PETALING JAYA: In the first notable move to regulate the world of cryptocurrencies in Malaysia, Bank Negara has said it will deem all parties acting as exchanges as “reporting institutions”, requiring them to provide detailed information on buyers and sellers of such currencies.

Central bank governor Tan Sri Muhammad Ibrahim also noted the possibility of digital currencies becoming the “new norm” and that the central bank “cannot be oblivious to these developments.”