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Malaysian Ministry of Comms Calling To Legalize Crypto

In this era, cryptocurrencies seems like everybody needs.

A lot of transaction can be done by using crypto.

But, there are some countries that still not accept crypto yet.

As Malaysia, Malaysia’s Finance Minister sees crypto has no universal characteristic of money.

Therefore, crypto payment is illegal.

Tengku Zafrul Aziz said “In general, digital assets are not a good store of value and a medium of exchange. This is due to the fact that digital assets are vulnerable to volatile price fluctuations due to speculative investments, the risk of theft due to cyber threats and lack of scalability,”

 

But Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has different perspective.

He is urge Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT).

Zahidi identify that in this era, government should support young people.

Moreover, the cryptocurrency industry already growing increasingly popular among the younger generation.

He also said that the Malaysian Ministry of Communications and Multimedia (KKMM) is trying ways to increase the participation of young people in the industry.

The deputy minister said that the decision on crypto regulation is on Malaysia’s financial regulators. Including the central bank and the Securities Commission Malaysia.

However, the ministry is willing to bring this issue up because the crypto industry is the “business and financial program of the future, especially for young people now,” Zahidi said,

Zahidi added; “We hope the government can try to legalize this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on.

 

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