Malaysian Communications Ministry Urges Government Regulators to Adopt Crypto as Legal Tender


Malaysia’s Ministry of Communications and Multimedia, KKMM, is seemingly supportive of cryptocurrency adoption within the nation, with the deputy minister pushing authorities authorities to designate crypto-assets as authorized tender. Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, has inspired Malaysia’s regulators to legalise some cryptocurrency and non-fungible token (NFT) use instances. As of now, El Salvador is the one nation that has accepted Bitcoin as an official technique of cost inside its territory.

“We hope the federal government can permit this. We try to see how we are able to legalise this in order that we are able to develop youth participation in crypto and help them,” Deputy Communications and Multimedia Minister Zahidi Zainul Abidin said in parliament today, according to a Bloomberg report.

Zahidi was replying to a question about the government’s stance on NFT marketplaces. He added that crypto regulation is the responsibility of Malaysia’s central bank and the Securities Commission.

The K-KOMM will now follow up on the proposal as the crypto industry exists as a “business and financial program of the future” for the youth.

It is worth noting though that crypto-assets in Malaysia currently fall under the purview of the country’s central bank, Bank Negara Malaysia and the Securities Commission. The statement from the ministry is also in direct opposition to the finance ministry’s stance.

Earlier this month, Malaysian finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz objected to the popular view that cryptos should be legalized. According to him, cryptocurrencies like Bitcoin and Ether do not meet the universal characteristics of money and so exist as illegal in the country.

“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,” he said in a assertion to Berita Harian, a Malay-language day by day newspaper.


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