After Thailand, Malaysia has No intentions to Legalize Cryptocurrencies – Deputy Finance Minister
Highlights
- According to Malaysia’s Deputy Finance Minister I Mohd Shahar Abdullah, who spoke in parliament on Thursday, the country has no intentions to recognize cryptocurrencies as a legitimate form of payment.
- Southeast Asian minister urged the government to legalize cryptocurrencies such as Bitcoin as a means of increasing the engagement of young people in the cryptocurrency sector.
Thailand just announced recently that Ban On Bitcoin and Cryptocurrency Payments while it does not mean that Bitcoin and Other crypto-assets are completely banned.
According to Bloomberg , Malaysia’s Deputy Finance Minister I Mohd Shahar Abdullah, who spoke in parliament on Thursday, the country has no intentions to recognize cryptocurrencies as a legitimate form of payment.
According to him, “cryptocurrencies such as Bitcoin are not appropriate for usage as payment instruments due to a multitude of restrictions,” including price fluctuations and vulnerability to cyber-threats, as examples.
Mohd Shahar explained that the central bank has been actively analyzing the prospects of banks’ digital currency central or the central bank’s digital currency (CBDC) as a result of the growing importance of technology and the changing payment landscape.
Those words came just a few days after a Southeast Asian minister urged the government to legalize cryptocurrencies such as Bitcoin as a means of increasing the engagement of young people in the cryptocurrency sector.
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