Malaysian Ministry Recommends Adoption of Cryptocurrencies as Legal Tender

The Malaysian legislature was called on for the legalisation of transfer on bitcoin and other cryptocurrencies by Zahidi Zainul Abidin, Malaysia’s deputy minister of The Ministry of Communications and Multimedia (KKMM), in efforts to prompt youth participation in cryptocurrencies.

Why it Matters?

The legalisation of cryptocurrencies transfers has the potential to expand the participation of young people in the assets, according to Zahidi. The regulatory approval is under the responsibility of the Malaysian Central Bank, Bank Negara Malaysia and the Securities Commission. The entities are currently actively assessing the value proposition of a central bank digital currency (CBDC) to Malaysia, focusing research on proof-of-concept and experimentati...