“Cryptocurrencies such as Bitcoin and Ethereum are not suitable as a means of payment or a store of value,” said Yamani Hafez Musa, Malaysian Deputy Finance Minister.
As in many parts of the world, Malaysia belongs to the cryptocurrency industry. digital assets legally yet not recognized. Malaysian Deputy Finance Minister argues that cryptocurrencies are not suitable as a means of payment or a store of value, but aside from all these considerations possible to invest one when they say that there is an asset class stressed.
Nurul Izzah Anwar, a member of parliament at Dewan Rakyat, asked Yamani Hafez Musa about the government’s role in monitoring and regulating cryptocurrency.
Yamani Hafez Musa, Deputy Minister of Finance, of cryptocurrencies regulated by the central bank Noting that it is not a means of payment, he said:
Digital assets such as bitcoin and ethereum are not suitable for use as a means of payment… In general, digital assets are not a store of value and a good medium of exchange. This is due to the situation of digital assets subject to volatility as a result of speculative investments. Also important is the huge impact on the environment. 1.2 million Visa transactions can be processed with the electrical power used to process a Bitcoin transaction.