Fahmi urges caution on Harapan Coin, says should wait for guidelines on cryptocurrency, political financing

  • Nation
  • Wednesday, 14 Nov 2018

KUALA LUMPUR: The government has been urged to wait for proper cryptocurrency guidelines and political financing regulations to be put into place before introducing the Harapan Coin.

PKR communications director Fahmi Fadzil, who is the Lembah Pantai MP, said there is a need to have proper regulation around political financing set up due to the nature of cryptocurrency.

“The anonymous nature of cryptocurrency may open us up to a number of issues and we need to wait for guidelines from Bank Negara Malaysia (BNM) in regard of cryptocurrency,” he said to reporters at the Parliament lobby on Wednesday (Nov 14).

Former prime minister Datuk Seri Najib Razak had previously questioned the purpose of the Harapan Coin that was pitched by its co-founder Federal Territories Minister Khalid Abdul Samad.

Fahmi said that it was hard for him to agree with the project until these issues were properly addressed.

Harapan Coin is expected to be the world’s first political fundraising platform that uses cryptocurrency and blockchain technologies.

The paperwork and presentation of the project are expected to be given to BNM and Prime Minister Tun Dr Mahathir Mohamad soon.

Khalid had said although the decision and approval from BNM and the Pakatan Harapan (PH) presidential council may take a while, he is, however, determined to continue proposing the project.

On a separate matter, Fahmi said that the government does not have to rush to ratify treaties related to the International Convention on the Elimination of All Forms of Racial Discrimination (ICERD).

He said that PKR has yet to decide whether it was a good move to ratify the convention as it was still being discussed.

“I don’t think we have to hastily ratify the convention before MPs have been given an opportunity to discuss and declare both their stand and that of their parties.”

“This also should be done after lawmakers discuss the issue with the people as we don’t want this to be a divisive polemic especially when the information gotten is untrue or incomplete.

"We need to see the views from both sides before we can move ahead on this,” said Fahmi.
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