No plans to regulate cryptocurrencies for now, says deputy minister

[superadmin]

KUALA LUMPUR: Putrajaya said today it will not regulate cryptocurrencies for now because of their decentralised nature.

Deputy minister in the Prime Minister’s Department Eddin Syazlee Shith said new laws to control cryptocurrency trade were also difficult because there was no decentralised body.

“The nature of cryptocurrency or Bitcoin is that it is difficult for us to control due to its decentralised nature,” he told Dewan Rakyat.

He was replying to Cha Kee Chin’s (PH-Rasah) question on the government’s stand on virtual currencies, and if they would be regulated to prevent losses.

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