Malaysian Ministry proposes cryptocurrencies as legal tender?

[suryana]

this is a very extraordinary thing where the country of Malaysia wants to propose cryptocurrency to be widely circulated in a legal transaction process.I am very sure that the state of Malaysia is one of the tourist destinations visited by many foreigners so it is not a problem. it is impossible that the world will be well received by many, then it can indirectly have a very good impact for the digital currency to continue to be at the peak of the highest popularity in the digital currency

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[buwaytress]

^^^Ah, finally, missed the news where MOF rejected the proposal. Not that I'm siding with them but at least prevented another megalomaniac attempt to distract the government from what really needs reforms (the economy, for starters).

Besides, the ruling party (under whichever guise it wears) cannot, despite decades of Mahathirism, see itself as inviting unfavourable looks from IMF.

[EdenHazard]

Meh, the MOF rejected the proposal over the following reason:

Malaysia’s Deputy Finance Minister II Yamani Hafez Musa says that crypto is not a suitable method of payment for the country.

“Digital assets such as Bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money,” he said

Source: https://beincrypto.com/crypto-does-not-exhibit-money-characteristics-says-malaysia-deputy-finance-director/

Reasonable enough.

they are taking risk to not take that risk accepting bitcoin as a legal tender. typical developing country, i'm pretty sure if they take that risk ... a dream to become high income country will get realized faster as things get connected with financial technology such cryptocurrency would encourage people to improve their own knowledge/abilities to get in the business and even more inventing a new business model.

[Vaskiy]

Meh, the MOF rejected the proposal over the following reason:

Malaysia’s Deputy Finance Minister II Yamani Hafez Musa says that crypto is not a suitable method of payment for the country.

“Digital assets such as Bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money,” he said

Source: https://beincrypto.com/crypto-does-not-exhibit-money-characteristics-says-malaysia-deputy-finance-director/

Malaysian Minister Yamani Hafez Musa failed to give something specific that bitcoin and ethereum lacks to be used as a money. Just attributing volatility with ethereum and bitcoin stating these assets doesn't exhibit characteristics of money is simply a way to escape from adoption and support the development of country owned CBDC.

[UserU]

Malaysian Minister Yamani Hafez Musa failed to give something specific that bitcoin and ethereum lacks to be used as a money. Just attributing volatility with ethereum and bitcoin stating these assets doesn't exhibit characteristics of money is simply a way to escape from adoption and support the development of country owned CBDC.

To be blunt, that country is a joke, especially when it comes to adopting new technology.

Red tapes, cronyism, you name it, they have it. Meanwhile neighboring countries like Singapore are hubs of some big names like CDC.

[suryana]

This is a pretty interesting topic, how the Malaysian government wants to legalize cryptocurrency as a legal transaction tool in a country based in Southeast Asia. We really hope that this can be realized soon, not just a discourse that has been expressed by several other governments by saying the same thing. the same but this has never been realized until now, moreover Malaysia is a developed country which currently has very rapid economic development I really hope that this can actually happen where bitcoin will become a legal transaction tool there

[jostorres]

You think this is a good idea for Malaysia to make Bitcoin as legal tender after some countries are following the footsteps of El Salvador?

What are your thoughts about this guys?

If I will say this is not a good idea I will be lying and you guys don't want to hear that don't you? Obviously making btc as a legal tender is always a pleasant idea to do for every country because people have already spoken that they love cryptos and to only way to maximize their use is if they can spend it directly.

This is going to be the last thing that people will request to their governments because as of now many governments are still skeptical if they will do it or not. I don't know what they are waiting for when there are already a few countries that proposes this and there is one country (El Salvador) that actually made it happen for real.