The Communication Ministry of Malaysia recently suggested to the government that cryptocurrency including Bitcoin should be made legal tender. Deputy Minister Zahidi Zainul Abidin added that they are looking into the legalisation process with plans to encourage youth participation in crypto and to provide assistance.
“We hope the government can allow this,” said Zahidi. “We are trying to see how we can legalise this so that we can develop youth participation in crypto and assist them.”
Zahidi added that the country’s central bank and Securities Commission will be responsible for crypto-related matters. Moreover, the Ministry of Housing and Local Government also has the authority over digital financial activities, supervising the digital and broadcasting sectors. However, Zahidi did not provide any information on the ministry’s involvement with digital assets.
The central bank has yet to formally announce their stance on adopting Bitcoin as legal tender. As of writing, they are still contemplating on whether to introduce a central bank digital currency (CBDC). Malaysia’s Bank Negara did not respond to requests for comment in regards to Zahidi’s statement.
Back in September, Malaysia collaborated with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of CBDC for global transactions via Project Dunbar.
