BNM Explores The Potential Introduction Of Underlying Blockchain Technology
KUALA LUMPUR, March 24 (Bernama) -- Bank Negara Malaysia (BNM) is exploring the potential of introducing underlying blockchain technology to enhance various national financial systems such as the Central Bank Digital Currency, said its governor Datuk Seri Abdul Rasheed Ghaffour today.
However, the central bank is not rushing to implement this, as its main focus is on creating the right platform to enable its deployment.
“At the same time, we have all the appropriate guidelines and safeguards to ensure that this will happen or will develop and evolve,” he told reporters after the release of BNM's flagship publications here, today.
Abdul Rasheed said this when asked on the tokenisation of bonds and sukuk, which is a collaborative initiative by the Securities Commission Malaysia (SC) and Khazanah Nasional Bhd.
The central bank governor said the exploration of asset tokenisation is part of BNM's effort to futureproofing Malaysia’s key financial infrastructures for greater efficiency and resilience.
He added that BNM has been working with global regulators for this initiative.
Both the SC and Khazanah Nasional aim to introduce the tokenisation of bonds and sukuk this year, a move aimed at broadening retail participation in Malaysia’s capital market.
Abdul Rasheed said BNM's role in this initiative is to ensure accessibility is maintained while also providing protection for retail participants in Malaysia’s capital market.
On a separate note, he said the drop in total assets of BNM by 1.61 per cent to RM621.54 billion as at Dec 31, 2024 is partly due to the strengthening of ringgit.
-- BERNAMA