Malaysia Will Not Adopt Bitcoin as Legal Tender, Government Says

Malaysia’s lawman concern curate has clarified that the authorities volition not follow cryptocurrency arsenic ineligible tender. “Cryptocurrencies similar bitcoin are not suitable for usage arsenic a outgo instrumentality owed to assorted limitations,” helium said.

Bitcoin Will Not Be Legal Tender successful Malaysia, Says Deputy Finance Minister

Following reports that a high-ranking authorities authoritative has projected adopting cryptocurrency arsenic ineligible tender successful Malaysia, the authorities clarified successful parliament Thursday that it has nary volition of making cryptocurrency ineligible tender successful the country, Bloomberg reported.

Deputy Finance Minister Mohd Shahar Abdullah said successful parliament:

Cryptocurrencies similar bitcoin are not suitable for usage arsenic a outgo instrumentality owed to assorted limitations.

He named terms swings and vulnerability to cyber threats arsenic examples of the limitations of cryptocurrencies.

His connection echoes different helium made earlier this period astir cryptocurrency. “Digital assets, specified arsenic bitcoin and ethereum, are not suitable to beryllium utilized arsenic a outgo instrument,” the lawman curate stressed, adding that “In general, integer assets are not a store of worth and a bully mean of exchange.”

The lawman concern curate further told parliament Thursday:

The increasing exertion and outgo scenery person prompted Bank Negara Malaysia to actively measure the imaginable of … the cardinal bank’s integer currency.

Earlier this week, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin reportedly projected adopting cryptocurrency arsenic ineligible tender successful Malaysia. However, determination are conflicting reports astir what helium really said. According to Malaysian nationalist quality bureau Bernama, the curate simply projected legalizing non-fungible tokens (NFTs) to boost information successful the crypto sector.

What bash you deliberation astir the Malaysian authorities stating that it volition not follow cryptocurrency arsenic ineligible tender? Let america cognize successful the comments conception below.

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