Malaysia’s Central Bank Slaps Down ICO For Logo Misuse
Malaysia’s central bank has issued an announcement to warn clients and distance itself from the Coinzer cryptocurrency.
Bank Negara Malaysia’s issue is Coinzer’s use of official logos on their proposed physical token. The announcement outlines that Coinzer’s use of the BNM and Jata Negara brand on their prototype token website and whitepaper are hacked, and the project is not linked with the bank. Alongside this, the bank reminds clients that virtual currencies aren’t legal tender, and urged investors to exercise warning and thoroughly examine the capability risks.
Since the bank’s statement, Coinzer has produced their own press release, posted on their website. The declaration attempts to make it clear that the physical token was only a proposal and that they’ll no longer be going ahead with this concept. They add that they’re also working carefully with Malaysian authorities and that the improvement of cryptocurrencies is identified as a high-quality forces by both sides:
“Regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance the productivity of economic activities but also make financial intermediation more seamless.”
A new design and a video gave more explanation stating that the issue is in production according to the website. Coinzer is building on the Ethereum network, targeted on maximizing the performance of businesses by bringing all sorts of systems on to the blockchain. Their whitepaper states that they’re looking to become the number one cryptocurrency in Malaysia and appeal to international investments to the Asian country.
Malaysia itself has taken a passive stance toward cryptocurrencies, with the head of the central bank stating that the public might determine the technology’s future last month
“Regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance the productivity of economic activities but also make financial intermediation more seamless,” he informed reporters.
It marks Malaysia as one of the few nations that have laid out a clean method to the development of virtual currencies, allowing the general public to decide their fate.
Even as the central bank’s position has been for the most positive in terms of crypto, Malaysia’s statutory securities regulator did shut down an ICO in January. CopyCash, a decentralized trading and investment platform, was instructed to give up and desist by means of the authority after it was discovered the platform’s token did no longer follow laws concerning securities.
