Malaysia’s deputy financing minister has actually clarified that the federal government will not embrace cryptocurrency as legal tender. “Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,” he stated.
Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister
Following reports that a high-ranking federal government authorities has actually proposed embracing cryptocurrency as legal tender in Malaysia, the federal government clarified in parliament Thursday that it has no objective of making cryptocurrency legal tender in the nation, Bloomberg reported.
Deputy Finance Minister Mohd Shahar Abdullah stated in parliament:
Cryptocurrencies like bitcoin are not appropriate for usage as a payment instrument due to different constraints.
He called cost swings and direct exposure to cyber risks as examples of the constraints of cryptocurrencies.
His declaration echoes another he made previously this month about cryptocurrency. “Digital assets, such as bitcoin and ethereum, are not suitable to be used as a payment instrument,” the deputy minister stressed out, including that “In general, digital assets are not a store of value and a good medium of exchange.”
The deputy financing minister even more informed parliament Thursday:
The growing innovation and payment landscape have actually triggered Bank Negara Malaysia to actively examine the capacity of … the reserve bank’s digital currency.
Earlier today, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin apparently proposed embracing cryptocurrency as legal tender inMalaysia However, there are contrasting reports about what he in fact stated. According to Malaysian nationwide news firm Bernama, the minister simply proposed