Federal Territories Minister Khalid Abdul Samad said that a paperwork on the Harapan Coin, utilising cryptocurrency and blockchain technology has been prepared. It will be presented to the Prime Minister Tun Dr Mahathir Mohamad and Bank Negara Malaysia (BNM) soon. He said this at the Universiti Malaya (UM) Blockchain Technology Lab and National Blockchain Seminar launching ceremony here today.
Khalid said that the decision and approval from BNM and the Pakatan Harapan (PH) Presidential Council is expected to take a while, as it is not a main agenda at the moment. He also said that he wanted to pursue the project as it is something for the future, but stresses the importance of setting up a regulatory body to ensure the project will not be easily manipulated by outsiders.
Khalid, who is the co-founder of the project, said that the Harapan Coin was created as a fundraising coin for the Pakatan Harapan coalition, to combat Barisan Nasional during the 14th general election. The coin was introduced partly because it was otherwise difficult for those outside of Malaysia to transfer large sums into the then-opposition’s wallet. BNM would curb any suspicious transactions coming in from overseas, according to one of the core team members of Harapan Coin.
Khalid also said that the cryptocurrency technology can also be used to do payment transaction of licenses, payment of summonses and many more, to the government bodies or private sectors. However, his involvement in endorsing his own cryptocurrency has raised eyebrows among some in the public, due to the unregulated and volatile nature of the industry.
Khalid denied that any trading or speculation was involved when asked whether the coin was legal, due to restrictions placed on cryptocurrency trading by BNM. In February, BNM finalised its guidelines which outlined the reporting obligations for cryptocurrency exchanges. At least nine exchanges have registered so far. To-date, the central bank has yet to authorise or endorse cryptocurrency-related activities, as cryptocurrencies are still not recognised as legal tender.
Harapan Coin was started in January 2017 by its team leader Aziz M., based in the US, along with Australia-based Yi Ling who handles its marketing and public relations, UK-based blockchain developer K. Pathmanathan, France-based web developer Anthony R., and Singapore-based graphic designer Awang Y.
Source: NST, Malay Mail, Fintechnews, bitcoinexchangeguide
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