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Malaysia Communication Minister suggest crypto to use as legal tender

The Malaysian Communications and Multimedia Minister expressed his happiness over the Malaysian government's decision to include cryptocurrency in the formal legal framework in order to encourage its use.

According to Deputy Communications and Multimedia Minister, Zahidi Zainul Abidin, who spoke in Parliament on March 21, stated that Malaysia’s Communication Ministry has suggested to the government that crypto money such as bitcoin be accepted as legal tender.

“We hope the government will agree,” Zahidi added. He emphasises that we are looking at how we can legalise crypto so that we can encourage and assist young people’s engagement in crypto. He noted that cryptocurrency is governed by the country’s central bank and Securities Commission.

Malaysia’s Central Bank is investigating the feasibility of a digital currency. According to the head of Bank Negara Malaysia (BNM), the central bank of Malaysia stressed that after this tender, Malaysians will have more digital options in finance.

Zahidi Zainul Abidin spoke in parliament, remarking that we hope the administration will agree to this. We’re looking at how we can legalise this so that we can encourage and help young people to participate in cryptocurrency. He responded to a question on the government’s stance on non-traditional trading platforms by stating that cryptocurrency regulation falls under the purview of Malaysia’s central bank and the Securities Commission.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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