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Malaysian deputy finance minister responds to proposal to legalize Bitcoin

An official on the Ministry of Finance of Malaysia reportedly opposed the thought of adopting cryptocurrencies like Bitcoin (BTC) as a fee methodology following current crypto-friendly proposals by the deputy communications minister.

Malaysia has no plans to acknowledge BTC as authorized tender, deputy finance minister Mohd Shahar Abdullah said in a parliamentary assembly on Thursday, in response to a Bloomberg report.

“Cryptocurrencies like Bitcoin will not be appropriate to be used as a fee instrument on account of varied limitations,” Mohd Shahar declared, citing dangers like volatility and potential cyber threats.

As a substitute of adopting cryptocurrency for funds, Malaysia will proceed to concentrate on the potential improvement of the central financial institution digital foreign money (CBDC), the official added, stating:

“The rising know-how and fee panorama have prompted Financial institution Negara Malaysia to actively assess the potential of CBDC.”

The Ministry of Finance of Malaysia didn’t instantly reply to Cointelegraph’s request to remark. This text might be up to date pending new info.

Mohd Shahar’s remarks got here shortly after Malaysia’s deputy communications and multimedia minister Datuk Zahidi Zainul Abidin known as on native regulators and lawmakers to legalize sure use instances of cryptocurrencies and nonfungible tokens (NFTs) on Monday. The official harassed that such measures would considerably help younger folks as crypto and NFTs have been rising “massively” well-liked among the many youthful era.

Some sources additionally suggested that Zahidi proposed not simply legalizing sure cryptocurrency transactions in Malaysia however fairly adopting cryptocurrency as authorized tender.

Thailand SEC bans crypto funds, seeks disclosure of system failure from exchanges

Regardless of not being prepared to undertake cryptocurrency as a way of fee, Malaysian regulators have apparently not restricted the buying and selling of cryptocurrencies to this point, following within the steps of many different international locations like Indonesia. In recent times, native authorities just like the Securities Fee of Malaysia had been issuing approvals to cryptocurrency exchanges, whereas a few of the world’s greatest crypto buying and selling firms had been additionally increasing to the nation.

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