Is Harapan Coin being sold illegally, asks Khairy

KUALA LUMPUR: Rembau MP Khairy Jamaluddin today asked if the Harapan Coin, the cryptocurrency project mooted by the Pakatan Harapan (PH) government, is being sold illegally following reports on the coin’s website that trading has already begun.

Rembau MP Khairy Jamaluddin.

“According to the site, the coin is being traded at a rate of US$45 for 100 units, and a total of US$772 has been successfully collected.

“Are the operations being done illegally, because it has yet to be approved by Bank Negara Malaysia (BNM)? What is the action to be taken since the currency is being sold under the government’s name?” he said when debating the 2019 Budget at the committee stage in the Dewan Rakyat.

Federal Territories Minister Khalid Samad previously said he had been involved in the project even before the May 9 polls. He also said the paperwork on the Harapan Coin would be presented to BNM and Prime Minister Dr Mahathir Mohamad.

In a video on the Harapan Coin website, he said 30% of contributions from the sale of the coin would go to the system developer, 30% would go to Amanah and the balance to PH.

He was also reported as saying that a monitoring body should be created to ensure the project is not manipulated by individuals.

On Feb 27, BNM released an Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies.

This followed consultation with various parties, including representatives of existing digital currency exchanges, industry associations, law firms, financial institutions, academia as well as interested individuals on the issues and risks involved in using digital currency.