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Cryptocurrencies could be legal tender in Malaysia, judging by recent statements by Deputy Minister of Communications and Multimedia, Zahidi Zainul Abidin. “We hope that the government can allow it,” said the official during an appearance before Parliament.
The authority did not specify what link the portfolio it integrates, which oversees the digital sector and broadcasting, has with digital assets. His faculties, reported BloombergNewsThey range “from the deployment of 5G mobile networks to the attraction of investments in the technology industry.”
Zainul Abidin clarified that the Ministry of Housing and Local Government has jurisdiction over “digital financial activities.” However, he argued, it is the Ministry of Finance and its dependent agencies that ultimately have the regulatory power.
At the closing of this note, neither the central bank nor the securities regulator had commented on the proposal of the Deputy Minister of Communications and Multimedia. Bloomberg News indicated that in January 2022, the Malaysian issuer admitted that it was “evaluating the possibility of introducing a digital currency.”
El Salvador is the pioneer country in the adoption of bitcoin as legal tender in September 2021 and has President Nayib Bukele as its main promoter. The measure generated immediate questions from organizations such as the International Monetary Fund (IMF), which warned that the initiative “generates a series of macroeconomic, financial and legal issues that require very careful analysis.”
Only 14% of the companies in the Central American country had carried out transactions with the cryptocurrency in the first six months of use, according to a survey applied to its associates by the Chamber of Commerce of El Salvador.