Malaysian Ministry Proposes Legal Tender Of Crypto Currency

[Coinshots]

Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money.

The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly backing the adoption of cryptocurrencies, with the deputy minister calling the government to legalize crypto.

Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has urged Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT), local news agency Harian Metro reported on Monday.

Zahidi pointed out that such measures would significantly support young people as the cryptocurrency industry has been growing increasingly popular among the younger generation. He also said that the KKMM is exploring ways to increase the participation of young people in the industry.

The deputy minister noted that the decision on crypto regulation is up to Malaysia’s financial regulators, including the central bank and the Securities Commission Malaysia.

However, the ministry is willing to bring this issue up because the crypto industry is the “business and financial program of the future, especially for young people now,” Zahidi said, adding:

“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 some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.


Source: https://www.coinshots.com/news/malaysian-ministry-proposes-legal-tender-of-crypto-currency

[1715106803]

1715106803

[1715106803]

1715106803

[1715106803]

1715106803

[merchantofzeny]

According to some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.

This is what we really want. Legalization is fine but we all wanted it te be treated as currency. I'm hopeful for Malaysia. I live SEA and if this pass that would likely hasten the adoption of Bitcoin and other crypto as legal tender in the rest of the region, considering how large a market Malaysia is.

[Flexystar]

Oh that is coming out of the spark to motivate the youngster in the country. That is also fine print and we need such people in the government to regularise at least in the want of motivating new generations and give them what is actually trending.

As far as crypto is considered the trend is just at its highest peak and every college student or old person talks about it. So it is already becoming next new thing and they just don’t wanna miss out of the race.

I just hope they will actually implement this regulation sooner.

[Gozie51]

Some ministry of government are proactive to advise the government while some are not doing a proper job to advise and direct the government on new realities on ground. This ministry has given their government a proper guide to new realities. The youth will benefit more when they go into government because they will certainly show the light. This is another position side for bitcoin, is a win counted for bitcoin.
In Nigeria for example, the ministry responsible for this kind of awareness is FEDERAL MINISTRY OF COMMUNICATIONS AND DIGITAL ECONOMY but they have not done such to get the government to support bitcoin and at least unban the status of bitcoin and making it legal status like other countries are waking up to this new reality.

[jossiel]

This is a good take from them.

A take that has been negative before but reconsiders of making a plan on legalizing crypto transactions into their country. And not just that, making most likely bitcoin as a legal tender based on the other news that came out.

That's another kind of news that we want.

Whenever a country starts to consider making a legal tender from the crypto market but which is really most likely is bitcoin, that news is blowing up although there will always be the negative sides of it being seen by critics and not by enthusiasts.

[jrrsparkles]

Central bank legalizing cryptocurrencies as legal tender? Seems too contradictory and not really possible unless the Central bank really wants their country people to achieve financial freedom and stop using their own paper currency.

[justdimin]

We should support people who change their minds. In the end if we didn't allow people to change their minds then we would have to jail everyone who has ever done something wrong and we do not have enough jails for that in the world. Sure dude had a bad idea, and we did not like it, but right now he is showing how he is involving and seeing the brighter side of the crypto world.

I honestly believe that El Salvador and now even Honduras helped him, plus what happens right now in Ukraine and Russia about the war and how crypto helps them both, showed them that crypto doesn't hold sides, everyone could use it for any purpose and still find help.

[TribalBob]

crypto can indeed be said as a business and is being loved by young people and almost all who have crypto money are young people,
The problem of crypto being legalized in the country alone should be good enough, especially as a legal payment, but if it becomes a legal payment, is Mayalsia ready to adapt to legal fiat currencies?
and does it not expand the pros and cons between people who are conservative about crypto currency?

[ShowOff]

According to some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.

Malaysia has its own currency and centralized financial system and I am really interested to know how the government will respond to the proposal.

The crypto community does hope that adoption and better regulation can increase everywhere regardless of whether a country only legalizes it as a closely monitored commodity asset or does legalize it as a means of payment. It will be a good fundamental if it gets a positive response from the government, now what happens?

[Freeesta]

I love this kind of news! Another country has turned towards cryptocurrencies. Now the crypto industry is considered to be the work of young people, but time passes and everything changes. And although I have no idea how the government can control the movement of cryptocurrency, this is still good news for all of us. I know there is an opinion that a lot of illegal operations take place with the help of cryptocurrency. I hope this is just a myth. And he will not interfere with the legalization of cryptocurrency

[oHnK]

The crypto community does hope that adoption and better regulation can increase everywhere regardless of whether a country only legalizes it as a closely monitored commodity asset or does legalize it as a means of payment. It will be a good fundamental if it gets a positive response from the government, now what happens?

I dont think it will be legalized easily because we know that their government even close Binance operation in their region, so what should we expect about? This is clear, Their government will decline his proposal because as the regulator, Crypto has many crime cases in scam and it cause They cant believe with crypto. This is a prevent action by the government.

[Mometaskers]

I'm not sure how this will work out or if they'll really go through with it but if they do, then that's great. Most countries wouldn't like the idea of some unregulated token competing with their fiat but I guess Malaysia have some other plans for crypto. Who knows maybe making crypto legal tender is just a first step for them making their own digital fiat. Accepting cryptos as tender could put that digital fiat ahead of others.

[ttcsalam]

Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money.

The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly backing the adoption of cryptocurrencies, with the deputy minister calling the government to legalize crypto.

Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has urged Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT), local news agency Harian Metro reported on Monday.

Zahidi pointed out that such measures would significantly support young people as the cryptocurrency industry has been growing increasingly popular among the younger generation. He also said that the KKMM is exploring ways to increase the participation of young people in the industry.

The deputy minister noted that the decision on crypto regulation is up to Malaysia’s financial regulators, including the central bank and the Securities Commission Malaysia.

However, the ministry is willing to bring this issue up because the crypto industry is the “business and financial program of the future, especially for young people now,” Zahidi said, adding:

“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 some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.


Source: https://www.coinshots.com/news/malaysian-ministry-proposes-legal-tender-of-crypto-currency

This is very good news for all tader and investor i think ukrin wair very efective of bitcoin payment and other decentrlize payment so we are waiting for this.

[South Park]

Oh that is coming out of the spark to motivate the youngster in the country. That is also fine print and we need such people in the government to regularise at least in the want of motivating new generations and give them what is actually trending.

As far as crypto is considered the trend is just at its highest peak and every college student or old person talks about it. So it is already becoming next new thing and they just don’t wanna miss out of the race.

I just hope they will actually implement this regulation sooner.

After El Salvador took the world by surprise and decided to make bitcoin a legal tender several other countries have been discussing the possibility of doing something like this, and now we can add Malaysia to the list, maybe they will do it or maybe not, however at some point we are going to see many countries doing so simply because it is the best choice, the IMF has been trying to get El Salvador to reverse their decision but if several countries make bitcoin legal tender then most likely any attempts to downgrade the status of bitcoin will fail in the future, so something like this can only be a good thing for bitcoin for the long term.

[Review Master]

Here's another twist on this news, maybe most users won't be excited lafter reading this. According to bloomberg news from 24th March, Deputy Finance Minister I Mohd Shahar Abdullah said in parliament on Thursday:

Code:

Malaysia has no intention of recognizing cryptocurrencies as legal tender.

Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” which include price swings and exposure to cyber threats

So lets wait for the final decision on it as there is still two opinions on adopting bitcoin and crypto as legal tender. Hopefully, we'll see the crypto adoption after all.

[barbara44]

We should support people who change their minds. In the end if we didn't allow people to change their minds then we would have to jail everyone who has ever done something wrong and we do not have enough jails for that in the world. Sure dude had a bad idea, and we did not like it, but right now he is showing how he is involving and seeing the brighter side of the crypto world.

I honestly believe that El Salvador and now even Honduras helped him, plus what happens right now in Ukraine and Russia about the war and how crypto helps them both, showed them that crypto doesn't hold sides, everyone could use it for any purpose and still find help.

I agree. In my nation people and specially politicians didn't like crypto for the longest time up until 2017, from 2008 to 2017 they saw it as a bad thing and banned it. However, during the 2017 pump, things started to change and by 2018 we have it legalized and by today we have it not only legalized but supported and ads all over the television channels for the local exchanges.

From a nation that banned it, to a nation that has 1.5+ million users daily, and this is not the total user amount, this is literally the amount of people who bought or sold crypto in a single day on average. So, it is good that politicians could change their minds.

[Fortify]

Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money.

The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly backing the adoption of cryptocurrencies, with the deputy minister calling the government to legalize crypto.

Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has urged Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT), local news agency Harian Metro reported on Monday.

Zahidi pointed out that such measures would significantly support young people as the cryptocurrency industry has been growing increasingly popular among the younger generation. He also said that the KKMM is exploring ways to increase the participation of young people in the industry.

The deputy minister noted that the decision on crypto regulation is up to Malaysia’s financial regulators, including the central bank and the Securities Commission Malaysia.

However, the ministry is willing to bring this issue up because the crypto industry is the “business and financial program of the future, especially for young people now,” Zahidi said, adding:

“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 some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.

It makes absolute sense to build better rules for crypto on countries like Malaysia who have a large amount of workers overseas sending money back to the country. However the finance minister might be a bit scattered when he is jumping from one extreme of the spectrum (complete bans) to talking about adopting it as a legal tender - there is plenty of space in between where laws can be made to give it stronger usage. Maybe it is time for his re-election soon and he's looking for new ideas that seem popular with the younger generations?

[yawars20]

From the news its clear that only few minds from government are thinking about legalizing crypto currency. And majority of government portion don't even have the idea how crypto works. Still if the Malaysian Government taking interest in Crypto currency and some how manage to secure a passing bill in cabinet, it could be game changer for there peoples. With government supporting there could so many options for new generation to explore what is out there in crypto,

[Lubcub62]

after ukraine legalized the cryptocurrency market in its country. then followed by the Russian state which also legalized crypto in its country. hopefully malaysia will follow. and this could affect the crypto market in a better direction.
get ready for the pinnacle of crypto.

[Baofeng]

Here's another twist on this news, maybe most users won't be excited lafter reading this. According to bloomberg news from 24th March, Deputy Finance Minister I Mohd Shahar Abdullah said in parliament on Thursday:
[..snip..]
So lets wait for the final decision on it as there is still two opinions on adopting bitcoin and crypto as legal tender. Hopefully, we'll see the crypto adoption after all.

So they are contradicting themselves with this news?

Anyhow, maybe the article is an obvious clickbait again, this is the nature of journalism though in crypto sphere so I'm not surprised if the news is fake or the government suddenly make a U-turn.

So it's better to take it with a grain of salt first, and we should rejoice if this actually take into fruition.