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 Malaysia Crypto Ban, Cryptocurrency (Any thoughts/comments)

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TSscrap4crap
post Oct 13 2017, 01:46 AM, updated 7y ago

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Hi all,

first time lurker and poster here! smile.gif

I'm sure most or all of you have seen the recent statement by Bank Negara Malaysia stating that they might either ban cryptocurrency or enforce new regulations on the market.

I was wondering just what is everyone's thought on this?

Personally I am worried that they might ban cryptocurrency in Malaysia which could force the local exchanges such as Localbitcoins or Luno to stop their activities, which might hamper our ability to sell crypto for cash.

Anyone has the same worries as me? Some of my friends are planning to cash out before december, which is when BNM stated they would give their final answer.


Thanks everyone for your thoughts!

This post has been edited by scrap4crap: Oct 13 2017, 03:27 AM
Cruxs
post Oct 13 2017, 03:37 AM

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I just wanna sart but gov already want ban.
TSscrap4crap
post Oct 13 2017, 03:59 AM

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QUOTE(Cruxs @ Oct 13 2017, 03:37 AM)
I just wanna sart but gov already want ban.
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Hahaha, government always scared of things they don't understand. Or maybe they want to tax us for it. Who knows man, could go either way..
x3Kai
post Oct 13 2017, 05:16 PM

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what happened in china will just repeat itself
all local exchanges will close down
and the chinese will go out of the country and open an account at some foreign country

well, not like it'll make that much more of an impact
there are limited amount of exchanges in malaysia and with very low liquidity
think like a lot of ppl who has been in crypto would have at least one or two accounts with foreign exchanges
klthor
post Oct 13 2017, 05:38 PM

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the whole anonymous thing is too doggy and hard to control for BNM. its either they drop a full ban hammer or they might limit exchange to stop transfer crypto to 'unknown' address... thats what i think.
Spectreoutreach
post Oct 13 2017, 06:18 PM

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3 month or until December is too long, more like how going to tax these fella, control ICO... Etc
SUS1malaysiajib
post Oct 13 2017, 06:57 PM

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I forsee us getting taxed, that's it.

More revenue for Gomen

Just like RPTG (Real Property Tax Gain), there's now going to be something which is known as RCTG (Real Crypto Tax Gain)

This post has been edited by 1malaysiajib: Oct 13 2017, 06:58 PM
wengherng
post Oct 14 2017, 01:28 AM

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This question could be better discussed in the official pinned thread for cryptocurrencies.

Having said that, however, I'm not buying it......I really don't think the Malaysian government is capable of achieving something on this scale.
If you look in the news, all the countries that are outright "banning" cryptocurrencies, are basically all the screwed up countries.
Most countries, including China, USA and Russia, are just skirting around the issue, and it seems they are more favourable to regulate it rather than ban it.
If even these countries can't ban cryptocurrencies, I seriously doubt our government is competent enough to do so.

Smarter countries like Switzerland and UK are already joining the crypto-bandwagon, and Japan has in fact already legalised it officially.

TSscrap4crap
post Oct 14 2017, 06:57 PM

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QUOTE(wengherng @ Oct 14 2017, 01:28 AM)
This question could be better discussed in the official pinned thread for cryptocurrencies.

Having said that, however, I'm not buying it......I really don't think the Malaysian government is capable of achieving something on this scale.
If you look in the news, all the countries that are outright "banning" cryptocurrencies, are basically all the screwed up countries.
Most countries, including China, USA and Russia, are just skirting around the issue, and it seems they are more favourable to regulate it rather than ban it.
If even these countries can't ban cryptocurrencies, I seriously doubt our government is competent enough to do so.

Smarter countries like Switzerland and UK are already joining the crypto-bandwagon, and Japan has in fact already legalised it officially.
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Good read. Thanks!

In response to your thoughts, I agree with your sentiment. I really hope you are right, but I still fear that Malaysia might not follow the way of Japan or other countries but follow China instead.

Either it is:
1) outright ban (local exchanges accounts getting closed like Coinbase Singapore, hampering local withdrawals, or (China way) banning btc trading)
2) banning participation of all ICOs (overseas),
3) crypto tax (as mentioned several times in this thread)

I should have posted this in the crypto thread, my apologies. New to posting here.

This post has been edited by scrap4crap: Oct 14 2017, 07:05 PM
CE|C93
post Oct 17 2017, 10:58 AM

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QUOTE(wengherng @ Oct 14 2017, 01:28 AM)
This question could be better discussed in the official pinned thread for cryptocurrencies.

Having said that, however, I'm not buying it......I really don't think the Malaysian government is capable of achieving something on this scale.
If you look in the news, all the countries that are outright "banning" cryptocurrencies, are basically all the screwed up countries.
Most countries, including China, USA and Russia, are just skirting around the issue, and it seems they are more favourable to regulate it rather than ban it.
If even these countries can't ban cryptocurrencies, I seriously doubt our government is competent enough to do so.

Smarter countries like Switzerland and UK are already joining the crypto-bandwagon, and Japan has in fact already legalised it officially.
*
Agreed. Banning stuffs never solve anything. Best to regulate it to keep things open and transparent.


Azurika
post Oct 17 2017, 04:24 PM

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They will not ban Crypto.
Here are the 3 things which will be announced in Nov

1) Ban of ICO
2) Ban of MLM related Crptocurrency
3) Cryptocurrency trading in general will be in greyline till 2018.
metalslug
post Oct 18 2017, 10:25 PM

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they wont ban, in other they wan to control. they need some taxing i guess, china is not banning but controlling the exchange platform.
The Naked Supremo Trader
post Dec 24 2017, 04:55 PM

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yup...we hope gov not banned this new types of currency
myers
post Dec 24 2017, 09:08 PM

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It is more profitable to tax or confiscate proceeds from known crypto currency exchange under amla than banning it.


 

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