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Fahmi Fadzil, a Malaysian MP and the Communications Director for the Malaysian center-left PKR party, has urged the government of Malaysia to establish proper regulation of cryptocurrencies before it approves "Harapan Coin- the world's first ICO crypto-politic," The Star Online carryforwards.
Fahmi reportedly told reporters in the lobby Tuesday, November 14th:
"The anonymous nature of cryptocurrency may open to a number of issues and we need to wait for guidelines from Bank Negara Malaysia (BNM) in regard to cryptocurrency."
The Harapan's Corner website says the token was "… created for the purpose of eliciting opposing sentiments against the current governing coalition, in preparation for the coming election," an election that took place last May.
The Khalid Abdul Samad, Khalid Abdul Samad is the team of the co-founder of the Malaysian Federal District Minister, who, until May, ruled Malaysia for more than 60 years.
The Harapan Coin site says that the project seeks to raise a total of $ 257 million by 2020 through sales of the Harapan token.
And in a video promoting the project, Minister Samad says, "That's good enough," "safely in my hands."
Given that the 60-year Barisan Nasional diet was successfully toppled in May, it is unclear what Harapan is raising funds for now, and the website has not been updated despite.
The project claims to have already been raised $ 120 million USD, and "ICO phase two" is set to wrap up February 2020.
According to The Star Online, "The paperwork and presentation of the project are expected to be given to BNM (Central Bank) and Prime Minister Tun Dr. Mahathir Mohamad soon."
The outlet also claims that, "the decision and approval of BNM and the Pakatan Harapan (PH) Presidential Council may take a while," Minister Samad is nonetheless, "… determined to continue proposing the project."
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