Malaysia's Ministry of Communications and Multimedia has suggested adopting cryptocurrencies, including bitcoin, as interest in cryptocurrency is growing among Malaysians.
Today, Monday, Deputy Minister of Communications and Multimedia Datuk Zahidi Zain Al-Abidin suggested that the Malaysian government legalize cryptocurrencies to help the younger generation to express more their keen interest in the cryptocurrency and non-fungible tokens (NFT) industry.
Malaysia's approach to crypto adoption:
In a session of the Malaysian Parliament today, Malaysian Deputy Minister of Communications Datuk Zahidi Zain Al-Abidin urged the Malaysian government to adopt cryptocurrency as a legal currency as the future of financing, and in his speech:
All these matters are subject to the jurisdiction of the Bank of Malaysia and the Securities Commission.
We hope that the government will allow and legalize this so that we can increase the uptake of crypto by young people.
The Deputy Minister stated this in response to a question from Syed Ibrahim Syed Noah, a member of Parliament, about the government's position on NFT trading, which is increasingly popular among the younger generation.
Deputy Minister of Communications and Multimedia Datuk Zahidi Zainal Abidin said that the ministry will explore ways to increase youth participation in cryptocurrency and NFT.
He believes that the adoption of cryptocurrency is an important step in the progress of Malaysia in this booming industry.
Malaysian government position on cryptocurrency:
The Malaysian government has maintained its stance on cryptocurrencies, as it previously allowed crypto exchanges including Luno, Huobi and Kraken to operate legally in the country.
In September, Malaysia expressed interest in Project Dunbar by the Bank for International Settlements (BIS) to test the use of digital central bank currencies for international settlements via a common platform across countries including Australia, Singapore and South Africa.
Malaysian Deputy Finance Minister Yamani Hafez Musa recently stated in a parliamentary session that cryptocurrencies are not regulated by the Central Bank of Malaysia, and also commented:
Digital assets like Bitcoin and Ethereum are not suitable to be used as a payment instrument… In general, digital assets are not a store of value but a good medium of exchange.
Malaysia has a high adoption rate of cryptocurrencies, especially among the younger generation, as many people are trading cryptocurrency and NFT.
Some politicians are considering the benefits of crypto for financial innovation, but the final decision now appears to be in Parliament's hands.
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