Lembah Pantai MP voices caution over Harapan Coin

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KUALA LUMPUR (Nov 14): There should be a proper regulation on political funding and official guidelines by Bank Negara Malaysia on cryptocurrencies before Harapan Coin can be rolled out, Lembah Pantai Member of Parliament Fahmi Fadzil said today.

"I believe we need to make sure that we have proper regulation around political financing in place because the anonymous nature of cryptocurrency may open us up to a number of issues," he told reporters at the parliament lobby today.

"At the same time I think we need to wait for guidelines from Bank Negara in regard to cryptocurrency," he added.

Without the two key sets of regulations, Fahmi said it would be difficult for him to personally agree to the proposal.

"I think that is my default position [for now]," he said.

The Harapan Coin, co-founded by Shah Alam MP Khalid Abdul Samad, would reportedly be the world's first political fundraising platform utilising cryptocurrency and the blockchain technology.

Yesterday, it was reported that Khalid said a paper and presentation on the Harapan Coin have been prepared and will soon be presented to Bank Negara and Prime Minister Tun Dr Mahathir Mohamad.

Khalid said the cryptocurrency technology may also be used as payment to government bodies for licences, summonses, among others.