Malaysia Will Not Adopt Bitcoin as Legal Tender – Government Says

Malaysia Will Not Adopt Bitcoin as Legal Tender – Malaysia’s deputy finance minister has stated that bitcoin will not be accepted as legal cash by the government. “Cryptocurrencies like bitcoin are not fit to be used as a means of payment due to a couple of constraints,” he added.

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Following reports that a high-ranking government official had advocated making cryptocurrencies legal tender in Malaysia, the government reaffirmed in parliament on Thursday that it has no intention of doing so.

In parliament, Deputy Finance Minister Mohd Shahar Abdullah said:

“Cryptocurrencies like bitcoin are inappropriate for use as a payment mechanism for a variety of reasons.”

Also Read: Central Bank of Honduras Discredits Bitcoin Legal Tender Speculation

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Price volatility and sensitivity to cyber attacks are two instances of cryptocurrencies’ limits, according to him.

Malaysia Will Not Adopt Bitcoin as Legal Tender – His statement against bitcoin is similar to one he made earlier this month. “Digital assets, such as ethereum and bitcoin are not fit for use as a payment method,” the deputy minister stated, Adding: “In general, digital assets are not a good store of value or medium of exchange.”

On Thursday, the deputy finance minister told parliament:

“Bank Negara Malaysia has been actively assessing the possibilities of the central bank’s digital currency due to the increasing technology and payment landscape.”

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Datuk Zahidi Zainul Abidin, Malaysia’s Deputy Communications and Multimedia Minister, reportedly advocated making cryptocurrencies legal tender earlier this week.

However, stories of what he actually stated are contradictory. The minister only advocated allowing non-fungible tokens (NFTs) to increase involvement in the crypto sector, according to Malaysia’s state news agency Bernama.

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