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The Public Will Decide Cryptocurrencies’ Future: Malaysia’s Central Bank

The public will decide cryptocurrencies’ future: malaysia’s central bank

The Public Will Decide Cryptocurrencies’ Future: Malaysia’s Central Bank

The public will decide cryptocurrencies’ future: malaysia’s central bank
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The head of Malaysia’s central bank has firmly stated that the fate of cryptocurrencies in the country depends on the public adopting them, adding it would neither ban nor recognize cryptocurrency.

Speaking at the 40th-anniversary dinner of the Harvard Business School Alumni Club of Malaysia this month, Bank Negara governor Muhammad Ibrahim had some noteworthy things to say about the future of cryptocurrencies like bitcoin in Malaysian society, according to a report by local portal The Nation.

The central banker, refreshingly, revealed a decidedly free-market stance on cryptocurrencies wherein a hands-off approach would essentially see the public make their own decisions with investments or participation in cryptocurrency markets.

“Basically, we will let the cryptocurrency promoters including bitcoin, Ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too,” the central bank chief stated, hinting at introducing some fundamental guidelines for the cryptocurrency sector to operate in Malaysia.

More pointedly, he added:

“By doing so, the public can decide on its own if they want to invest in cryptocurrencies.”

The central bank governor was quick to stress that the authority would not recognize cryptocurrency as fiat money while notably adding it wouldn’t ban cryptocurrencies in the country either.

The central bank chief also revealed an upcoming concept paper for the public on cryptocurrencies, presumably a detailed report to educate residents of cryptocurrencies. Malaysia’s central bank is already working toward a regulatory framework that will, for instance, deem cryptocurrency exchanges as ‘reporting institutions’ to curb criminal and unlawful activities through cryptocurrencies.

The central baker’s remarks follow similar statements from Malaysia’s deputy finance minister who, in January, confirmed the government would not ban trading of cryptocurrencies.

“It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public,” he stated at the time.

Malaysia joins the Philippines, two countries among the world’s fastest growing economies, to take a refreshingly open and even embracive approach to cryptocurrencies in society. After figuring among the earliest countries in the world to mandate regulations for its domestic cryptocurrency industry, the deputy director of the Bangko Sentral ng Pilipinas (BSP) spoke of the convenience of using bitcoin in payments.

The central bank official was speaking in a televised interview in late 2017 when he stated:

“There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”

Featured image from Shutterstock.

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Published at Sat, 24 Feb 2018 02:08:23 +0000

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It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude

It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude

In “It’s a Wonderful Life,” the 1940s Christmas classic, George Bailey (played by Jimmy Stewart) is the guiding force of a small-town bank, who ends up sacrificing his own dreams for the betterment of his community.

Ultimately, facing financial ruin, he begins to question what it was all for. That is when his friends appear, one by one, with a flurry of donations, reminding him of how he touched each and every one of their lives, and Bailey realizes he is a rich man after all.

bitcoin evangelist Andreas Antonopoulos recently found himself at the center of a similar outpouring of gratitude. The author and public speaker has spent the last five years of his life traversing the globe and educating people about bitcoin. But, as it turns out, he hadn’t exactly made himself rich along the way.

WIth the price of bitcoin soaring into the $16,000s, a grateful community has decided to give Antonopoulos’s fortunes a karmic boost. A spontaneous giving spree, fueled by social media, is under way. Thus far, more than 100 BTC, valued at over $1.7 million has been sent to his bitcoin address. One individual alone sent an eye-popping 37 BTC, worth $500,000.

Along with the money, people are tweeting under the hashtag #ThankYouAndreas and reminding Antonopoulos of the many ways he made a difference in their lives.  

“Words are my craft but tonight I am speechless,” the author of Mastering bitcoin tweeted last night.

Never a Rich Man

Antonopoulos became involved with bitcoin in 2012. He has written two books on the subject, describing in detail the technical rules governing bitcoin in a way that a novice could understand, and has given more than 200 talks (many of them free) about bitcoin.

It is easy to imagine that someone who knows so much about bitcoin might have found a way to profit from it. A small investment in the virtual currency five years ago, when bitcoin was at around $6, would have netted the bitcoin writer a humongous profit. (bitcoin is currently listed at $16,000.) But Antonopoulos wasn’t really a speculator.

Indeed, as investor Roger Ver pointed out in one of his tweets, if Antonopoulos had put more money into bitcoin early on, he would have been a lot better off financially.

But Antonopoulos was too busy, too obsessed with spreading his vision of a world free from the strictures of legacy banks and payment systems. He wanted people to understand the technology and to appreciate its promise.

That early obsession, as he described in a recent blog post, led him to undo a lifetime of savings and eventually fall into credit card debt as he tumbled down the bitcoin rabbit hole. He lived paycheck to paycheck for years until becoming debt-free at the end of 2016. Those bitcoins he’d collected and earned had to be cashed out along the way to support him and his family.

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Because most people were not aware of Antonopoulos’s earlier struggles, some were puzzled when he recently began putting videos of his talks on Patreon, a membership platform that allows users to collect monthly subscription fees for services.  

I’m not a bitcoin millionnaire [sic],” Antonopoulos responded to one follower on Twitter. “My supporters on Patreon, many at $5/month, make it possible for me to work with independence.”

Developer Adam Back quickly responded with the suggestion that “if ‘sign guy’ can get a meaningful start from tips, we should try [to] find a way for the community to fund @aantonop to a hodlers position.” And the community agreed.

Shortly thereafter, his number of Patreon supporters began to rise, and donations started to pour into Antonopoulos’s bitcoin address.

In addition to the funds that accumulated, accolades began to pour in from supporters far and wide on Twitter, Reddit and Patreon. Many credit him for getting them into bitcoin in the first place, for helping them to understand it and for inspiring them to pursue careers in the space.

“I don’t know anyone as authentic, well-intentioned and universally respected in the industry,” wrote entrepreneur Ryan Selkis in a tweet.

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“@aantonop is by far the BEST advocate and most eloquent speaker on #bitcoin. His speeches had a HUGE influence on me,” wrote investor and author Brian Kelly.

“The community raised over $700,000 worth of bitcoin in a matter of hours for Andreas from all over the world, which beautifully shows the power of bitcoin itself, actually,” wrote Erik Voorhees, CEO at cryptocurrency exchange ShapeShift.

For Antonopoulos, the outpouring of support has been no less than overwhelming.

“I am going offline for a few days. I need time to process everything that happened,” he tweeted on Wednesday. “If you sent me a message in the last 48 hrs, thank you. If I don’t respond for a week or so, I apologize.”


[youtube https://www.youtube.com/watch?v=lxNXtjGY_Us?start=224&feature=oembed&w=459&h=344]


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