Communications Ministry in Malaysia Reportedly Proposing Crypto as Legal Tender

Key Takeaways:

  • The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly supporting cryptocurrency adoption.
  • ASEAN Countries like Thailand, Singapore, etc., are highly optimistic on Cryptocurrencies and Blockchain Technology.

The Minister of Communications is supporting along with the deputy minister urging the government to legalize cryptocurrency. Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, has urged Malaysian regulators to legalize certain use cases for cryptocurrencies and nonfungible tokens (NFT), according to a local news agency Harian Metro.

Zahidi stated that such measures would greatly benefit young people. He said this because he thinks that the cryptocurrency industry has grown in popularity among the younger generation. He even said that the KKMM is looking into ways to increase young people’s participation in the industry. The deputy minister stated that Malaysia’s financial regulators, including the central bank and the Securities Commission Malaysia, have the final say on crypto regulation.

Zahidi was responding to a question about the government’s stance on NFT marketplaces. He went on to say that cryptocurrency regulation is the responsibility of Malaysia’s central bank and the Securities Commission. He further said that “We hope the government can try to legalize this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on.”

According to our sources, Zahidi proposed adopting cryptocurrency as legal tender rather than just legalizing certain cryptocurrency transactions in Malaysia. However, it is still not confirmed because anything is not announced officially regarding this.

Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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