Malaysian comms official calls the state to legalize crypto and NFTs

According to reports, the Malaysian Ministry of Communications and Multimedia is supporting the adoption of cryptocurrencies. The deputy minister has called for the legalization of crypto by the government.

Local news agency Harian Metro reported Monday that Datuk Zahidi Zainul Abidin, deputy communications and multimedia minister, has asked Malaysia’s regulators for legalization of certain use cases for cryptocurrencies and nonfungible tokens.

Zahidi stated that such measures would be a significant support for young people, as the cryptocurrency market is growing in popularity among the younger generation. He added that the KKMM was looking at ways to increase participation by young people in the sector.

The deputy minister stated that Malaysia’s financial regulators (including the central bank) are responsible for crypto regulation.

Zahidi stated that the ministry is open to discussing the issue because crypto is “the business and financial program for the future”, especially for young people.

“We hope that the government will legalize this matter to allow young people to participate in cryptocurrency and assist them with energy consumption.”

Some sources claim that Zahidi suggested not only legalizing cryptocurrency transactions in Malaysia, but also adopting cryptocurrency legal tender.

Cointelegraph reached out to the KKMM officials but they did not respond immediately. In the event of new information, this article will be updated.

Comms Ministry in Malaysia proposes adopting cryptocurrency as legal tender “to help the younger generation who are active users of the currency, especially on non-fungible token (NFT) trading platforms”https://t.co/m4vXcsfMRr
— Zhu Su (@zhusu) March 21, 2022

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia’s finance Minister, reiterated in March that cryptocurrency payments like Bitcoin (BTC), Ether (ETH), and other cryptocurrencies were illegal in Malaysia. These cryptocurrencies didn’t meet the universal characteristics money.

Related: Binance returns to Malaysia through a strategic stake at regulated digital exchange

Digital assets, in general, are not a good store or medium of exchange. He explained that digital assets are susceptible to price volatility due to speculative investment, cyber threats, and lack of scale.

Minister Yong said that Bank Negara Malaysia is working to introduce a central bank digital currency, and other blockchain-related developments, to address the increasing demand in the digital asset market.

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