Trade at your own risk, Putrajaya warns digital currency users

AFP pic.

KUALA LUMPUR: Putrajaya has warned Malaysians who use digital currency, saying they are not protected by local laws, the Dewan Rakyat heard today.

“Digital currency is also subject to fluctuations in value due to speculation and is open to cybercrime activities or used to support terrorist activities,” the Finance Ministry said in a written reply to Budiman Mohd Zohdi (BN-Sungai Besar).

It said Bank Negara Malaysia estimated about RM75 million worth of digital currency was transacted monthly in the country in 2017.

The ministry said that the central bank did not have plans to issue its own digital currency, and added that digital currency changers were still not under its supervision.

The government also urged digital currency changers to report suspicious transactions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.