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Malaysian ministry calls for legalization of cryptocurrencies and NFTs

 


A Malaysian government ministry advocates the adoption of cryptocurrencies in certain cases.


According to a report by the Malaysian news agency Harian Metro , Datuk Zahidi Zainul Abidin, Deputy Minister of the Ministry of Communications and Multimedia (KKMM), calls for the use of certain cryptocurrencies and non-fungible tokens (NFTs) to be legalized in Malaysia.


In this context, Zahidi points out that these measures would be particularly beneficial for the country's young people, as the crypto industry is becoming increasingly popular, especially among this generation. Accordingly, the KKMM is already examining how else it can promote the participation of the young population in the crypto industry.


However, the deputy minister acknowledges that the ultimate decision on whether to allow cryptocurrencies rests with the financial authorities of Malaysia, with the central bank and the stock exchange regulator taking the lead.


Nevertheless, the Ministry of Communications does not want to abstain from the debate because, according to Zahidi, crypto is “the economic sector and the financial system of the future, which is particularly important for young people”. To which he adds:


"We hope that the government will decide to legalize it so that we can increase the participation of the young population in the crypto industry and help them with problems such as high energy consumption."

According to another source, Zahidi is not only advocating the legalization of certain crypto transactions, but even the introduction of cryptocurrencies as a recognized means of payment.


The KKMM has not yet responded to Cointelegraph's request, and this article will be updated once feedback is received.



However, Malaysian Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz only emphasized in early March that payments in the form of cryptocurrencies such as Bitcoin and Ether ( ETH ) are illegal in Malaysia because they do not meet the basic characteristics of a currency.


“In general, cryptocurrencies are not good stores of value and means of payment. This is because they fluctuate greatly in price due to speculative investments, they are vulnerable to hacker attacks and they lack scalability,” said the minister.


He added that Bank Negara Malaysia, the country's central bank, is already working on its own central bank digital currency (CBDC) and other blockchain financial services

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