If it follows Malaysia’s Ministry of Communications, the country should follow El Salvador as the next country to adopt cryptocurrencies as legal tender, Bloomberg News report.
The proposal was tabled in Parliament on March 21 by Zahidi Zainur Abidin, Malaysia’s Deputy Minister of Communications and Multimedia.
“We want the government to allow this. We are trying to understand how to legalize it so we can develop youth participation in cryptocurrencies and help them,” Abidine said.
He added that if officially approved, Malaysia’s Ministry of Finance would be responsible for regulating cryptocurrencies, along with agencies such as the central bank and securities commission, but did not elaborate on how his ministry would be involved in cryptocurrencies.
The central bank has yet to make an official statement
So far, Malaysia’s central bank has yet to issue an official stance on the issue, aside from plans to launch a central bank digital currency. Last September, the country teamed up with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of central bank digital currencies for international settlements through a shared platform in a project called Project Dunbar.
Malaysian Finance Minister Tengku Zafrul Aziz – who will have the decisive say in allowing cryptocurrencies as legal payments in the country – has so far been less optimistic about the idea. In early March, he said that crypto “is not a very good store of value and medium of exchange” due to its volatility.
So far, El Salvador is the only country in the world to adopt Bitcoin as legal tender — albeit with mixed success. A survey of companies released earlier this month by the Central American Chamber of Commerce found that only 14 percent of companies have used bitcoin for transactions since El Salvador recognized the world’s leading cryptocurrency as legal tender last September.
Most global countries allow the use and trading of cryptocurrencies
Multiple countries and regions including EU, Canada, US, Mexico, most of Latin America, India, Pakistan, all of Southeast Asia, Japan, Korea, Australia, New Zealand, South Africa, Nigeria, Tanzania, Angola, Namibia, Middle East and West Asia and Most countries in Central Asia, as well as Russia and Ukraine, have fully legalized the use and trading of cryptocurrencies, or have certain restrictions, such as banking bans, but have not made them legal tender, but only provide a regulatory framework for digital assets .
China, North Korea, Bangladesh, Nepal, Bolivia, Algeria, Morocco and Egypt currently explicitly ban the use of cryptocurrencies.
According to Bloomberg, if it follows Malaysia’s Ministry of Communications, the country should follow El Salvador as the next country to adopt cryptocurrencies as legal tender. The proposal was tabled in Parliament on March 21 by Zahidi Zainur Abidin, Malaysia’s Deputy Minister of Communications and Multimedia. “We want the government to allow this. We are trying to understand how to legalize it so we can develop youth participation in cryptocurrencies and help them,” Abidine said. He added that, if officially approved, the Malaysian Ministry of Finance would be responsible for regulating cryptocurrencies along with agencies such as…
If it follows Malaysia’s Ministry of Communications, the country should follow El Salvador as the next country to adopt cryptocurrencies as legal tender, Bloomberg News report.
The proposal was tabled in Parliament on March 21 by Zahidi Zainur Abidin, Malaysia’s Deputy Minister of Communications and Multimedia.
“We want the government to allow this. We are trying to understand how to legalize it so we can develop youth participation in cryptocurrencies and help them,” Abidine said.
He added that if officially approved, Malaysia’s Ministry of Finance would be responsible for regulating cryptocurrencies, along with agencies such as the central bank and securities commission, but did not elaborate on how his ministry would be involved in cryptocurrencies.
The central bank has yet to make an official statement
So far, Malaysia’s central bank has yet to issue an official stance on the issue, aside from plans to launch a central bank digital currency. Last September, the country teamed up with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of central bank digital currencies for international settlements through a shared platform in a project called Project Dunbar.
Malaysian Finance Minister Tengku Zafrul Aziz – who will have the decisive say in allowing cryptocurrencies as legal payments in the country – has so far been less optimistic about the idea. In early March, he said that crypto “is not a very good store of value and medium of exchange” due to its volatility.
So far, El Salvador is the only country in the world to adopt Bitcoin as legal tender — albeit with mixed success. A survey of companies released earlier this month by the Central American Chamber of Commerce found that only 14 percent of companies have used bitcoin for transactions since El Salvador recognized the world’s leading cryptocurrency as legal tender last September.
Most global countries allow the use and trading of cryptocurrencies
Multiple countries and regions including EU, Canada, US, Mexico, most of Latin America, India, Pakistan, all of Southeast Asia, Japan, Korea, Australia, New Zealand, South Africa, Nigeria, Tanzania, Angola, Namibia, Middle East and West Asia and Most countries in Central Asia, as well as Russia and Ukraine, have fully legalized the use and trading of cryptocurrencies, or have certain restrictions, such as banking bans, but have not made them legal tender, but only provide a regulatory framework for digital assets .
China, North Korea, Bangladesh, Nepal, Bolivia, Algeria, Morocco and Egypt currently explicitly ban the use of cryptocurrencies.
