Malaysia Should Adopt Crypto as Legal Tender, Says Ministry

• Malaysian Minister of Communications Zahidi Zainul recommended in the Malaysian Parliament on Monday that the country should accept Bitcoin as a legal currency.
• The deputy minister further revealed that the ministry is looking into ways to increase young people’s involvement in digital assets.

One of the major criticisms against cryptocurrency has been that it isn’t going to be widely accepted, which means its utility will remain limited. It could change all that on the 7th of September 2021 the day that El Salvador officially became the first nation worldwide to accept Bitcoin for legal currency.

Even if the acceptance of one tiny significant American nation doesn’t establish the legitimacy of Bitcoin as a currency, it may be the very first of the dominos to fall Other nations are currently looking into El Salvador’s historical action and whether they believe it can be viable, Bitcoin might without a doubt be on the path to widespread acceptance. There are four other nations to keep an eye on since they appear to be one of the top contenders to follow in El Salvador’s footsteps.

The Malaysian Minister of Communications Zahidi Zainul recommended in the Malaysian Parliament on Monday that the country should accept Bitcoin as a legal currency.

It is important to note the significance that El Salvador ended up being the first nation in the world to accept Bitcoin as a valid currency in September 2021.

The minister declared during a debate in the parliament that “We hope the federal government can permit this,” in the context of accepting Bitcoin as a legal currency.

A deputy minister has also said that his ministry was currently looking at ways to improve youngsters’ involvement in the field of digital assets.

He noted that crypto activities are under the purview of the central bank, Bank Negara Malaysia, and the country’s Securities Commission.

Bernama originally stated that the deputy minister proposed to adopt crypto as legal tender. However, the publication soon removed the legal tender reference and changed its headline to say the deputy minister “proposes legalization of NFT, crypto mining activities.”

Malaysia has been ranked as 23rd Chainalysis 2021 Global Crypto Adoption Index. Most people in Malaysia are familiar with cryptocurrency, including Bitcoin.

Malaysia is currently studying the possibility of having an electronic currency of the central bank. The Central Bank of Malaysia has been involved in a trial with the Financial Institution of International Settlements to determine the basis of the CBDC.

Reserve digital currencies issued by banks are essentially virtual representations of the national currency. In contrast to cryptocurrencies, such as Bitcoin they are able to be controlled, but they are not centrally managed.