Malaysia Proposal to Boost Crypto Adoption Domestically
Malaysia’s government has been advised by one of its ministers to adopt cryptocurrency as legal tender.
Speaking on Monday in Parliament, Communications and Multimedia Ministry Deputy Minister Zahidi Zainul Abidin said the ministry “hopes the government can allow” bitcoin and other cryptocurrencies as legal transfer.
“We are trying to see how we can legalise this so that we can develop youth participation in crypto and assist them”, he said.
Malaysia’s Communications and Multimedia Ministry is in charge of the digital and broadcasting sector. It is tasked with rolling out 5G and attracting investments into technology infrastructure.
Zahidi said cryptocurrency falls under the country’s central bank and Securities Commission, but added that the Ministry of Housing and Local Government also has jurisdiction over “digital financial activities”.
In January, the central bank told Bloomberg it was considering introducing a central bank digital currency (CBDC).
El Salvador is the first and only country to have adopted Bitcoin as legal tender. Since the Central American country officially recognised the cryptocurrency in September, only 14% of transactions were in Bitcoin.