To recall, a few days ago, the Malaysian Ministry of Communications called on the government to legally accept cryptocurrencies, especially Bitcoin.
Deputy Minister of Communications Zahidi Zainul Abidin announced his proposal to legalize cryptocurrencies at a parliamentary meeting earlier this week.
Comms Ministry in Malaysia proposes adopting cryptocurrency as legal tender “to help the younger generation who are active users of the currency, especially on non-fungible token (NFT) trading platforms”https://t.co/m4vXcsfMRr
— Zhu Su 🔺🌕 (@zhusu) March 21, 2022
However, despite the recent rumors, it has been learned that the Malaysian government does not plan to adopt cryptocurrencies as legal tender.
The country’s Deputy Minister of Finance has issued a statement debunking recent speculation that Bitcoin and other digital assets could be legalized in Malaysia.
Deputy Minister Mohd Shahar Abdullah said that the government is out of the question to accept cryptocurrencies as legal tender, but the country’s central bank will focus on regulating its digital currency.
If the proposal of the Deputy Minister of Communications Ministry was accepted, Malaysia could be the second country to legalize Bitcoin, just like El Salvador.
“Bitcoin is not suitable for use as a means of payment!”
Deputy Minister, also
Cryptocurrencies such as Bitcoin are not suitable for use as a means of payment due to various limitations, including price fluctuations and exposure to cyber threats.
said.