Bank Negara Malaysia Denied Coinzer and Warn Its Customers Against It.

The Central Bank of Malaysia (Malay: Bank Negara Malaysia) does not trust coinzer cryptocurrency and has told its customer to move away form it, they have concern over the crypto use of their official logos on its proposed physical token, coinzer use the BNM and jata Negara logo on their prototype token website, it was said that the project is not connected with the central bank, the bank has advice investors not to be carefull as they need to examine the potential risk, CBN malaysia  added that digital currencies are not legal tender.

 

Coinzer’s proposed digital token, which uses the official BNM logo jata Negara logo.

Coinzer responded to the the bank statement, by producing a press release to clarify the notion that the physical token was merely a proposal and that they will now not be going with this ideal, they added that they have made contact with the Malaysian authorities and they have recognized the importance of cryptocurrency.

Large percentage of the world regulators especially Malaysia knows the importance of this new technology and it will  boost productivity of the economy as well as making inter mediation more seamless.

Coinzer aim at maximizing the efficiency of business by bringing all manner of systems on to the blockchain, there is an indication that they are trying to become number on cryptos in Malaysia and attract international investments to the Asian world.

According to the central bank “The future of cryptocuurency in malaysia will be determine by the citizens  it has never been the motive of the authorities to end any development that is considered beneficial to the citizens”

Malaysia is among the countries that has lay out approach to the groth of virtual currencies,leaving it in the citizens hand to determine if they want it to stay or leave.

Even though ICO was shut down earlier this year by the country’s statutory securities regulator,due to incompliance with laws relating to securities,central bank remain optimistic towards crypto.