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ABSTRACT
Cryptocurrency, like Bitcoin, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is an emerging financial technology enabled by innovation, increasingly popular among global Internet users, and more interestingly, it challenges the existing financial and regulatory rules on the currency and payment systems of the world today. On the other side, certain cryptocurrency like Bitcoin, have been actively used as payment tools for illicit transactions. Both the "promising" and "challenging" faces of cryptocurrency trigger causes for concern for policy makers, not only from financial sector, but also legal and technological sectors. The decentralised nature of cryptocurrency creates unique problems for the government to regulate or impose any regulatory requirements. This article argues that, in order for Malaysia to remain at the forefront of financial and digital innovation, it is timely to look at the question on whether to formulate certain policy and regulatory framework on the use of cryptocurrency in Malaysian market. The answer can pave the way for Malaysian digital citizens to potentially grab the opportunities made possible by the cryptocurrency technology. For this purpose, the researchers seek to study the features of cryptocurrency and the experiences from policymakers in other jurisdictions in dealing with the matter.
Keywords: cryptocurrency, Bitcoin, digital money, electronic commerce, regulations
ABSTRAK
Matawang crypto seperti Bitcoin, merupakan matawang digital di mana teknik-teknik enkripsi digunakan untuk mengenerasi unit matawang dan mengesahkan pemindahan dana dan ianya beroperasi secara bebas tanpa kawalan bank pusat. Ianya merupakan teknologi kewangan yang baru muncul dan dibolehkan oleh inovasi, sudah menjadi begitu popular dalam kalangan pengguna internet global dan lebih menarik lagi, ianya mencabar kaedah dan kawalan kewangan yang sedia ada berkenaan matawang dan sistem pembayaran dunia masakini. Namun, beberapa matawang crypto seperti Bitcoin telahpun digunakan secara aktif sebagai cara pembayaran untuk transaksi menyalahi undang-undang. Dua faktor iaitu 'menjanjikan' dan 'cabaran' matawang crypto mencetus kebimbangan para penggubal dasar, bukan sahaja daripada sektor kewangan tetapi juga daripada sektor-sektor perundangan dan teknologi. Sifat desentralisasi matawang crypto mewujudkan masalah unik bagi kerajaan dalam usaha mengawalselia atau mengenakan keperluan pengawalseliaan. Makalah ini menghujahkan bahawa sudah tiba masanya untuk Malaysia melihat kepada persoalan samada mewujudkan satu kerangka dasar...