Malaysian deputy finance minister responds to proposal to legalize Bitcoin.
An official at the Ministry of finance of malaysia reportedly opposed the idea of adopting cryptocurrencies like Bitcoin (BTC) as a payment method following recent crypto friendly proposals by the deputy commiunications minister. Malaysia has no plans to recognize BTC as legal tender deputy finance minister Mohd Shahar Abdhullah said in a parlimentry meeting on Thursday according to a Bloomberg Report. Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitation Mohd Shahar declared citing risks like volatility and potencial cyber threats.. Instead of adopting cryptocurrency for payments Malaysia will continue to focus on the potencial devolopment of the central bank digital currency (CBDC) the official added stating.
The ministry of finance of Malaysia did not immediatly respond to Cointelegraph’s request to comment This Artical will be updated pending new information. Mohd Shahar’s remarks came shortly after Malaysia deputy commiunications and Multimedia minister Datuk Zahidi Zainul Abidin called on local regulators and lowmakers to legalize retain use cases to cryptocurrencies and non fungible tokens (NFTs) on monday. The official stressed that such measured would significantly support young people as crypto and NFTs Have been growing “massively” popular among the younger genarations.
Some sources also suggested that that Zahidi proposed not just legalizing curtain cryptocurrency transaction in malaysia but ather adopting cryptocurrency as legal tender.
Despite not being willing not adopt cryptocurrency as a means of payments in malaysian regulators have apparently not restricted the trading of cryptocurrencies so far following in the steps of many other countries like indonesia in recent years local authorities like the sequirities commision of malaysia were issuing approvels to cryptocurrency exchnges. While some of the worlds biggest crypto trading companies were also expanding to the countr
