Malaysia is looking to Adopt Bitcoin and crypto.
The Malaysian Deputy Minister of Communication and Multimedia calls on the country’s federal government to adopt Bitcoin (BTC) as a legal tender, Bloomberg reports.
Datuk Zahidi Zainul Abidin, who described Bitcoin as the future of finance, said the move would help Malaysian youths be more involved in crypto-related activities such as trading, non-fungible tokens (NFTs), etc.
“All of these are under the purview of the Bank Negara Malaysia and the Securities Commission. We hope the government will allow and legalize Bitcoin and crypto so that we can increase the youth’s uptake of cryptocurrencies,” Abidin said.
Growing Interest in Digital Currencies
The deputy minister made this known today in the Dewan Rakyat, the federal legislature parliament of Malaysia, in response to a supplementary question asked by the Member of Parliament (MP) for Ledang, Syed Ibrahim Syed Noh.
During the session, Noh enquired about the federal government’s stance on NFT trading, a crypto niche that is becoming increasingly popular in Malaysia.
Aside from NFT trading, digital currency popularity has grown tremendously in Malaysia, with private and government-related firms delving into the nascent asset class.
Should Bitcoin be adopted as a legal tender, Malaysia will join El Salvador to allow its residents to pay for the cryptocurrency’s goods and services.
It is worth noting that the massive interest in cryptos has prompted the country to consider developing its Central Bank Digital Currency (CBDC).
Last month, the country’s apex bank flagged off a research project to explore the benefits of adopting the payment method.
Malaysians Seeking Ways to Increase Their BTC Holdings
The Malaysian crypto industry is currently dominated by the younger generation, who have shown a massive interest in crypto assets.
With Bitcoin displaying its prowess to the world in late 2017, investors are trooping into the space as they seek ways to increase their BTC holdings.
As part of efforts to increase their BTC holdings, several individuals have set up illegal mining facilities, stealing electricity to mine the world’s largest cryptocurrency.
Between 2018 and 2021, power theft for illegal mining in Malaysia is estimated at around $550 million, with Tenaga Nasional Bhd, a Malaysian utility company proposing ways to mitigate the illicit activity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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