Malaysia’s Central Bank Slaps Down ICO for Logo Misuse

Malaysia’s Central Bank Slaps Down ICO for Logo Misuse

Malaysia’s central bank has issued a statement seeking to warn customers and distance itself from the Coinzer cryptocurrency.

Bank Negara Malaysia’s concern is Coinzer’s use of official logos on their proposed physical token. The statement outlines that Coinzer’s use of the BNM and Jata Negara logo on their prototype token website and whitepaper are unauthorized, and the project is in no way connected with the bank. Alongside this, the bank reminds customers that digital currencies are not legal tender, and urged investors to exercise caution and carefully examine the potential risks.

Coinzer’s proposed digital token, which uses the official BNM logo.

Since the Bank’s statement, Coinzer has produced their own press release, posted on their website. The statement attempts to clarify that the physical token was only a proposal and that they will now not be going ahead with this idea. They add that they are in fact working closely with Malaysian authorities and that the development of cryptocurrencies is recognized as a positive force by both sides:

According to the website, a new design and a video further explaining the situation are in production.

Coinzer is building on the Ethereum network, focused on maximizing the efficiency of businesses by bringing all manner of systems on to the blockchain.  Their whitepaper states that they are trying to become the number one cryptocurrency in Malaysia and attract international investments to the Asian country.

Malaysia itself has taken a passive stance towards cryptocurrencies, with the head of the central bank announcing that the public would decide the technology’s future last month. “It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public,” he told reporters. It marks Malaysia as one of the few countries that has laid out a clear approach to the development of virtual currencies, allowing the public to decide their fate.

Whilst the central bank’s position has been for the most part positive towards crypto, Malaysia’s statutory securities regulator did shut down an ICO in January. CopyCash, a decentralized trading and investing platform, was told to cease and desist by the authority, after it was discovered the platform’s token did not comply with laws regarding securities.

Featured image from Shutterstock.

13.03.2018 / 02:00 90
Malaysias Central Bank Rebukes ICO For Unauthorized Use Of Its Logo Malaysias Central Bank Rebukes ICO For
Malaysias central bank calls out crypto platform Coinzer for unauthorized logo use, Coinzer extols possibility for crypto to better the economy. The
Cash Might Die but No Hurry to Develop Digital Currency: China Central Bank Chief Cash Might Die but No Hurry to Develop
The governor of China’s central bank has admitted that physical cash may become obsolete one day but insists the authority isn’t rushing to release a
Canadian Financial Regulator Warns Of Potential Scam, Unregistered “Cryptobank” ICO Canadian Financial Regulator Warns Of
Canadian Financial and Consumer Services Commission (FCNB) warns citizens about an unregistered “cryptobank” using fake data to attract potential
New Malaysian Cryptocurrency Regulation Come Into Effect New Malaysian Cryptocurrency Regulation
Last week, Malaysia’s new Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines specifically addressing
Nigeria's Central Bank Again Warns on Crypto Investments Nigeria's Central Bank Again Warns on
The Central Bank of Nigeria (CBN) has reiterated its warning against cryptocurrency investments. In a press release issued Wednesday, the CBN warned
South Africa’s Central Bank Launches Ethereum-Based Blockchain PoC South Africa’s Central Bank Launches
The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based
Comments (0)
Add a comment
Comment on