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Malaysia to make decision on cryptocurrencies by year-end

The Malaysian central bank expects to make a decision on the use of cryptocurrencies in the country before the year's end, BERNAMA reported.

Bank Negara Malaysia Gov. Muhammad Ibrahim said the central bank will look into all aspects when deciding on whether to allow or ban cryptocurrencies. The proposed guidelines will address issues like registering the players and collecting data if the central bank allows the use of cryptocurrencies.

A cryptocurrency is a digital or virtual currency that uses cryptography for security.

Ibrahim's comments came after China, in early September, banned initial coin offerings, or ICOs, and ordered the closure of digital currency exchanges. South Korea followed suit and announced plans to ban ICOs. On the contrary, Japan has endorsed the use of cryptocurrencies as it recently issued licenses to 11 companies to operate as digital currency exchanges.

The guidelines to be issued would also address risks associated with money-laundering and terrorism financing in Malaysia, Ibrahim added.