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Malaysia is not planning to adopt Bitcoin as legal tender
The country's deputy finance minister has dismissed recent reports that Bitcoin and other digital assets could be legalized in Malaysia. Instead, Mohd Shahar Abdullah said the country will focus on issuing a central bank digital currency.
Finance Minister is more interested in a CBDC
Malaysia's Deputy Finance Minister Mohd Shahar Abdullah told parliament Thursday that cryptocurrencies such as Bitcoin are not suitable as a means of payment. His remarks come days after a minister in the Southeast Asian country called on the government to legalize cryptocurrencies like Bitcoin to encourage youth participation in the crypto industry.“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” which include price swings and exposure to cyber threats" - Malaysia's Deputy Finance Minister said.The politician outlined a different path Malaysia has taken via a central bank digital currency. In January, the country had already explored the potential benefits of adopting a digital currency, and months ago, Bank Negara Malaysia had partnered with the central banks of Australia, Singapore, and South Africa to organize a cross-border payments trial with multiple CBDCs
Crypto adoption in Malaysia
Although Bitcoin is not accepted as legal tender, the country's residents use cryptocurrencies at an above-average rate. According to the Cryptocurrency Adoption Index published by comparison platform and information service provider Finder in December 2021, Malaysia ranked 7th out of 27 countries surveyed with a crypto ownership rate of 19.9% - well above the global average of 15.5%.Meanwhile the country is facing problems with illegal Bitcoin mining, as electricity theft in Malaysia by Bitcoin miners cost power companies hundreds of millions of dollars in 2021. Mining is not illegal per se in Malaysia, but some miners steal electricity by altering the installation of a meter or bypassing the meter altogether to make an illegal connection.
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