Communication Ministry of Malaysia wants crypto currency adoption as a legal tender
The Communication Ministry of Malaysia has recently said in its proposal to the government that cryptocurrencies like Bitcoin should be adopted as the legal tender.
Communication Ministry proposes crypto adoption as a legal tender
Zahidi Zainul Abidin, the deputy minister, told Parliament on Monday that the ministry supports digital assets and crypto tokens like Bitcoin adoption as a legal tender in the nation. He states:"We hope the government can allow this."He said that the main reason behind being ambitious is to target Malaysian youth participation. He stated, "we are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them."
He also added that the digital assets fall under the purview of the nation's Central bank and Securities Commission and the decision on crypto regulation is up to them.
Crypto developments in Malaysia
Though the details about the proposal and drafting are still unknown, it seems that the thoughts around digital assets have already been developing among the officials in Malaysia.Notably, the Finance Minister of the country, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, said a few days back that the payments in cryptocurrencies like Bitcoin and Ethereum were illegal in the nation as crypto does not meet the universal characteristics of money.
"Digital assets are not a good store of value or a medium of exchange in general." This is due to volatile price changes due to riskier trading, the risk of theft due to cyber attacks, and the limitations of scalability of digital assets, he explained.
In response to the expanding trend in the digital asset business, Bank Negara Malaysia is working on launching a central bank digital currency (CBDC) and blockchain-related innovations, according to the minister.
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