It looks like Malaysia won’t be recognising cryptocurrency as legal tender anytime soon as despite the urging to do so by the Ministry of Communications and Multimedia (K-KOMM). Previously, K-KOMM deputy minister called crypto ‘the future of finance’ and urged for the relevant authorities to held discussions in order to legalise it.
However, the proposal was unceremoniously turned down by the Ministry of Finance (MOF) confirmed that the federal government has no intention of recognising crypto as legal tender. This was asserted by the ministry’s first deputy minister, Shahar Abdullah in the Dewan Rakyat yesterday.
As reported by Free Malaysia Today, MOF made the stance due to the volatility of digital currencies. Furthermore, crypto is also succesptible to hackers and other cyber security concerns.
Shahar further stressed that crypto is not suitable for use as a payment instrument because it has ‘various limitations’ and is adversely affected by ‘price swings’ and ‘cyber threats’.
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