Malaysia’s Communications and Multimedia authority urge the government for legalising cryptocurrency in the country. The ministry suggested the government accept crypto as legal tender. The Central Bank of Malaysia is still not disclosed its position on adopting Bitcoin as legal tender.

Highlights

El Salvador is the lone country that adopts Bitcoin as legal tender.
Malaysian youth use Cryptocurrency with large interest.
Malaysian Finance Ministry is against accepting cryptocurrency.

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The Ministry of Communications and Multimedia in Malaysia urges the country regulators to adopt the cryptocurrency as legal tender and Minister Datuk Zahidi Zainul Abidin  of the said ministry encouraged the Malaysian regulators to legalise some cryptocurrency and non-fungible tokens (NFTs) use cases.

Minister Abidin said in Parliament Today “we hope the government can allow this. We are trying to see how we can develop youth participation in crypto and assist them,” Deputy Communications and Multimedia Minister said.

Zahidi said the statement when he was replying to a question in Parliament. He also said that the regulation of cryptocurrency is the responsibility of the Malaysian Central Bank and Security Commission.

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At present, the crypto assets in Malaysia currently fall under the purview of the country’s Central Bank, Nagara Bank Malaysia, and the Security Commission. The statement is in opposition to the finance ministry of Malaysia.

The finance ministry of Malaysia is not in favor to adopt cryptocurrency as legal tender, the Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz said cryptocurrencies like Bitcoin, Ethereum do not meet the universal characteristics of money and so exist illegal in the country.

He also added “in general, digital assets are not a good store of value and a medium of exchange. This is because digital assets are vulnerable to volatile price fluctuations due to speculative investments, the risk of theft due to cyber threats, and lack of scalability,” the minister said to one country newspaper.

Cryptocurrency become so popular in a few years in all the big countries including India where the government denied the legalisation of such currency in the country. Nirmala Sitharaman also stated the issue in the Parliament Budget Session of 2022. The government introduced a new form of digital currency that will be named Digital Rupee.

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