Coinzer reprimanded for abuse of the Central Bank of Malaysia Logo

                                                                  source image: BNM

Bank Negara Malaysia (BNM) on March 11 formally stated they did not support the Coinzer platform and its unlicensed logo design.

BNM stated in a press release that Coinzer used an unauthorized BNM logo and the Malaysian coat of arms on the coin design.

To respond, Coinzer announced on their website that they took down the contentious design on March 7,

 “We want to clarify that the Coinzer physical coin's design is based on conceptual design, which are initially intended to be used as a token of appreciation to our partners and contributors. This physical coin design proposal however has been removed from our latest edition of Whitepaper...” 

Coinzer’s statement continues, elaborating on their desire to work with the Malaysian government in the crypto and Blockchain sphere.

Even though the industry is relatively unregulated, “regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless:”

“Coinzer is working closely with the Malaysian Government and the relevant authorities to acknowledge and approve our operation in Malaysia as well as to help them better understand both Coinzer and the industry more broadly: how cryptocurrency platforms like Coinzer work, how Coinzer will help build a better economy for Malaysia and how other countries are proposing regulation.”

sourced from : BNM, Cointelegraph