Bank Negara Malaysia – BNM released a press statement about cryptocurrency platform called Coinzer. Coinzer use BNM logo and Jata Negara on the proposed physical coin design, white paper and website. BNM does not authorise or endorse Coinzer.
According to Coinzer white paper, they have an agreement with KETTHA (Ministry of Energy, Green Technology and Water Malaysia) via REPPA (Renewable Energy Power Purchase Agreement) between the developer of Coinzer and Tenaga Nasional Berhad (TNB), to develop a 10MW mini hydro plant in the state of Perak, Malaysia.
They also claimed that Coinzer will invest a sizeable investment fund to the government of Malaysia for the development of Kota Perdana Special Border Economic Zone which is owned by MOF and MMC estimated to cost around United States Dollar Ten Billion (USD10,000,000,000.00) As of our knowledge that a sum of more than USD 10 billion required to develop a 4500 acres of low carbon footprint industrial area as well as a land bridge connecting Port of Penang to Bukit Kayu Hitam SBEZ and Port of Songkhla in Thailand to boost the economy of the Northern corridor of Malaysia and Southern State of Thailand.
Members of the public are advised to exercise caution and carefully evaluate the risks associated with investment in digital currencies.
Digital currencies are not legal tender in Malaysia. Accordingly, digital currencies are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by BNM.