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Malaysia Allegedly Contemplating Digital Fiat, Says PM Mahathir

Dr. Mahathir Mohamad, Prime Minister of Malaysia has acknowledged that his government is considering launching a digital fiat, as per the New Straits Times. However, he also mentioned that he is yet to decide what will become of a controversial cryptocurrency- and blockchain-powered political fundraising platform.

The prime minister was speaking to reporters after a visit to Singapore. According to the New Straits Times, Mahathir mentioned that generally, they are thinking about introducing a digital fiat and even the government is pondering about it. Mahathir also mentioned that he was in support of introducing a cashless society drive. He further added that he had spoken to Indian Prime Minister Narendra Modi about the matter as well. The Malaysian prime minister said that when money is not used, corruption might decrease.

Mahathir also mentioned that his government may accept the Harapan Coin project depending on how well it functions. Nonetheless, he added that he had not yet spoken to the central bank about the matter.

The developers of the Harapan Coin allege they have formed the first political fundraising platform of the world that makes use of cryptocurrency and blockchain technology. The project has the support of quite a lot of leading political figures, including its co-founder, the Federal Territories Minister Khalid Samad. Notably, Samad had earlier mentioned that he wants to exhibit the platform’s abilities to both Mahathir and the central bank.

Datuk Seri Najib Razak, former prime minister of Malaysia has asked Samad to divulge more information about the platform, while a leading member of parliament has called for the central bank to issue more general cryptocurrency and digital asset guidelines before taking any decision on Harapan Coin, with civil groups also calling for caution.

The government and financial regulators of the country have been discussing anticipated cryptocurrency and digital assets regulations this year. Notably, the regulators banned anonymous trading at Malaysian exchanges in the month of February.

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