Malaysian Communications Ministry Urges Government Regulators to Adopt Crypto as Legal Tender
Malaysia’s Ministry of Communications and Multimedia, KKMM, has openly supported the adoption of cryptocurrency in the country, with the Deputy Minister pushing government officials to appoint crypto-assets as legal tender. Dato ‘Zahidi Zainul Abidin, Malaysia’s Deputy Minister of Communications and Multimedia, has encouraged Malaysian regulators to legalize some cryptocurrency and non-fungal token (NFT) use cases. As of now, El Salvador is the only country that has adopted Bitcoin as its official means of payment.
“We hope the government will allow this. We are trying to see how this can be legalized to help increase youth participation in crypto, ”said Zahidi Zainul Abidin, the Deputy Minister of Communications and Multimedia. According to To the Bloomberg Report.
Zahidi responded to a question about the government’s position in the NFT markets. He said crypto regulation was the responsibility of the Central Bank of Malaysia and the Security Commission.
As the crypto industry is a “future business and financial project” for young people, K-KOMM will now pursue the proposal.
It is noteworthy that crypto-assets in Malaysia currently come under the Central Bank of the country, Bank Negara Malaysia and the Security Commission. The report of the Ministry is also in direct opposition to the position of the Ministry of Finance.
Earlier this month, Malaysian Finance Minister Dengue Datuk Seri Jafrul Dengue Abdul Aziz opposed the popular notion that cryptocurrencies should be legalized. According to him, cryptocurrencies like Bitcoin and Ether do not meet the global characteristics of money, so they are illegal in the country.
“Generally, digital assets are not a good value and transfer medium because digital assets are subject to volatile price fluctuations due to speculative investments, risk of theft by cyber threats and lack of measurement,” he said in a statement. Report Perida Harian, Malay language daily newspaper.
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