Bank Negara Malaysia Cautions Public On Crypto Platform Coinzer

Announcements, ICO News, News, Regulation | March 13, 2018 By:

The Bank Negara Malaysia (BNM), the country’s central bank, has published a notice stating that it does not authorize or endorse cryptocurrency platform Coinzer.

Coinzer claims to be a “global decentralized platform connecting digital communities to power digital economy.” Coinzer is planning to integrate the latest blockchain innovations to power “Smart Business Contracts” on a highly effective chain, and resolve the latency issues associated with existing blockchains. Its utility token, Coinzer Coin (CZC), is planned to be a “master token” to fund and empower new digital assets and conventional projects.

Coinzer’s initial coin offering (ICO) was set for January 1, 2018, consisting first of a private limited pre-sale, then a public pre-sale, and then the public ICO, which will last for one month. CZC are offered at a price of $0.05 per token, with a token cap of 21 billion.

In a notice Sunday, the Bank Negara Malaysia alleged that Coinzer used the unauthorized images of the BNM logo and the Malaysian coat of arms on the physical design proposition for the coin, its white paper, and its website.

“BNM would like to state that it does not authorize or endorse the cryptocurrency platform called Coinzer,” the central bank said. “Members of the public are advised to exercise caution and carefully evaluate the risks associated with investment in digital currencies.”

Responding to the central bank’s notice, Coinzer explained that the physical coin design is based on conceptual design, which were initially intended to be used as a token of appreciation to its partners and contributors. It added that they removed the contentious design on March 7.

“This physical coin design proposal has been removed from our latest edition of whitepaper published on our official website on the 7th of March 2018, since we realized that the proposed conceptual design uses BNM logo and Jata Negara in which should not be used without proper authorization,” Coinzer said.

The company also said that it is working closely with the Malaysian government and relevant authorities to acknowledge and approve their operation in the country, as well as to help the government better understand both Coinzer and the blockchain industry more broadly.

Last month, the BNM issued a document titled Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies. The policy aims to ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of cryptocurrencies and to increase the transparency of digital currency activities in Malaysia.

Read more about this and other ICOs at BlockTribune’s ICO Wiki

Coinzer
SymbolCZC
Start DateMar 1, 2018
End DateApr 1, 2018
Offering TypeICO
PlatformN/A
WebsiteWebsite
WhitepaperWhitepaper