Newsflash: Experts say no to national cryptocurrency – Nation

Federal Territories minister Khalid Abdul Samad has made headlines for his plans regarding Harapan Coin.

Initially, it was meant to be a political fundraising tool for Pakatan Harapan’s election campaign. But what has raised questions is a statement on the Harapan Coin website, saying that it might have the potential to become a national cryptocurrency.

Experts say that is a bad idea.

Think tank Center for A Better Tomorrow (Cenbet) released a statement saying it “goes against the principles of good governance.”

“I think it’s a no-go for a political party to start an initial coin offering (ICO) said Cenbet president Datuk Simon Lim Seng Chai. “This move amounts to vote-buying.”

However, cryptocurrencies shouldn’t be shut down altogether, he said.

Instead, there should be regulations in place – and that’s exactly what Finance Minister Lim Guan Eng said will happen by Q1 of 2019.

Watch the full episode on how cryptocurrency works, and how it can be regulated….