Currency Bill 2019 provides for hefty fines

KUALA LUMPUR: Business entities intending to issue local cryptocurrencies in Malaysia may run foul of the law and face a RM50mil fine under the proposals in the Currency Bill 2019.

The Bill, which was tabled at the Dewan Rakyat yesterday, is to ensure that Bank Negara remains the sole authority over the Malaysian currency.

Under Section 18, it is an offence for any person issuing, printing or minting or authorising the issuance of any note, coin, token, document or instrument, whether tangible or intangible, which is likely to pass as legal tender.Those found guilty of the offence can be fined RM50mil, jailed up to 10 years or both.

However, there is a saving clause which states that the note, coin, token, document or instrument, whether tangible or intangible, is denominated in and fully backed by the ringgit or foreign currency.