MAHATHIR MULLS ISSUING MALAYSIA’S OWN CRYPTO-CURRENCY: ‘IT IS HER IDEA BUT GENERALLY WE ARE THINKING ABOUT IT’ – PM ON IMF CHIEF’S ADVICE TO CENTRAL BANKS TO CONSIDER DIGITAL CURRENCY

KUALA LUMPUR: The government is mulling the idea of cryptocurrency, especially on the role it might replace, said Prime Minister Tun Dr Mahathir Mohamad.

“It is her opinion. (But) We are starting it, anyway,” he said, referring to the statement made by International Monetary Fund Chief Christine Lagarde’s on the possibility of central banks around the world considering issuing digital currency.

Various central banks around the world are seriously considering the ideas, including Canada, China, Sweden and Uruguay.

“Generally, we are thinking about it. Even the government is thinking about it. To find out the role they replace,” he said at the end of his visit to Singapore today.

On Harapan Coin, Dr Mahathir said it was not given much thought yet.

“We may accept it… but (it) depends on how well it functions,” he said.

Asked if Bank Negara Malaysia (BNM) would agree to it, he said: “I haven’t spoken to BNM.”

Dr Mahathir went on to say what was more interesting than cryptocurrency was a cashless society.

“More interesting is cashless society of India. They hardly use any money.

“When money is not used, corruption is less possible,” he said, adding that he had spoken to Indian Prime Minister Narendra Modi about it.

Dr Mahathir also said he had put forward the idea of a common East Asian Currency, but only for trading purposes and not for domestic use during the ASEAN Plus Three (China, Japan and South Korea) Summit.

“This is an old of idea of mine. I mentioned we should have an East Asian Currency only for trading not for domestic use.

“That was an old proposal of mine. I though that this (is) something (that) would enable even foreign countries to handle problems of not having enough foreign exchange,” he said.

NST