The Malaysian Ministry of Communications and Multimedia (KKMM) is apparently supporting cryptocurrency adoption, with the deputy minister urging the government to legalize cryptocurrency.
Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, has requested Malaysian regulators to legalize some use cases for cryptocurrencies and nonfungible tokens (NFT), according to local news outlet Harian Metro on Monday.
Zahidi stated that such measures will greatly benefit young people, since the cryptocurrency business has grown in popularity among the younger population. He also stated that the KKMM is looking at measures to enhance young people’s engagement in the business.
The deputy minister stated that Malaysia’s financial regulators, notably the central bank and the Securities Commission Malaysia, have the last say on crypto regulation.
However, the ministry is willing to bring this matter up because the crypto industry is the “future business and financial program, particularly for young people now,” according to Zahidi.
“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 reports, Zahidi recommended adopting cryptocurrencies as legal tender rather than only allowing some cryptocurrency transactions for Malaysian.
Malaysia’s finance minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, underlined in early March that payments in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) were unlawful in the nation because they did not fit the universalof money.
He said:
“In general, digital assets are not a good store of value and a medium of exchange. This is due to the fact that digital assets are vulnerable to volatile price fluctuations due to speculative investments, the risk of theft due to cyber threats and lack of scalability,”
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