Malaysia should use Bitcoin and other cryptocurrencies as legal tender, ministry says

Malaysia should use Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Ministry of Communications and Multimedia said.

Malaysia should use Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Ministry of Communications and Multimedia said.

“We hope the government can allow this,” Zahidi Zainul Abidin said in parliament on Monday, in response to a question from an opposition member of the legislature.

So far, El Salvador is the only country to have adopted Bitcoin as legal tender – and with varying degrees of success. A survey of businesses by the Chamber of Commerce published this month found that only 14% had transacted in Bitcoin since September, when El Salvador recognized it as legal tender.

The Malaysian Ministry of Communications and Multimedia oversees the sirbptial and broadcasting sectors, with tasks ranging from the rollout of 5G mobile networks to attracting investment in the technology industry. Zahidi did not specify the ministry’s involvement in sirbptial assets.

While financial regulation falls under the Ministry of Finance and entities that fall under it, such as the central bank and the securities regulator, the Ministry of Housing and Local Government also has jurisdiction over “sirbptial financial activities,” Zahidi said.

The central bank has not released a formal position on adopting Bitcoin as legal tender. It told Bloomberg News in January that it is considering introducing a central bank sirbptial currency, or CBDC. Bank Negara Malaysia did not immediately respond to requests for comment on Zahidi’s comments.

In September, the country joined forces with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of CBDCs for international settlements through a shared platform in a project called Project Dunbar.

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.