Malaysia Will Not Adopt Cryptocurrency as Legal Tender

Image Source: Envato

Malaysia is one of the growing and attractive markets for investment. Just 3 days ago the Malaysian politician Zahidi Zainul Abidin raised hopes that the government will make bitcoin an official means of payment. But today Bloomberg informed, Malaysia ruled out adopting cryptocurrency as legal tender.

Malaysia has no intention of recognizing cryptocurrencies as legal tender. These words belog to the Deputy Finance Minister I Mohd Shahar Abdullah. He said them in parliament on Thursday.

“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations. This includes price swings and exposure to cyber threats”, he said.

His comments come days after. A minister in the Southeast Asian nation urged the government to legalize cryptocurrencies such as Bitcoin. It should be the way to build youth participation in the crypto space.

“The growing technology and payment landscape have prompted the Bank Negara Malaysia to actively assess the potential of banks’ digital currency central or the central bank’s digital currency (CBDC),” Mohd Shahar said.

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Article source: Bloomberg.com / Cryptopotato.com

Image Source: Envato

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