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Sunday, September 25, 2022
HomeTech & GamesCommunications Ministry proposes to Government to legalize Cryptocurrency in Malaysia

Communications Ministry proposes to Government to legalize Cryptocurrency in Malaysia

The Ministry of Communications and Multimedia (K-KOMM) wants the government to legalise cryptocurrencies, according to Deputy Communications and Multimedia Minister Zahidi Zainul Abidin.

In addition to that, he also said that the ministry will look into ways to expand the youth’s involvement in digital currencies as it is the future of commerce and finance.

Further, he also acknowledged the fact that cryptocurrencies are currently under the purview of Bank Negara Malaysia (BNM) and the Securities Commission. On a related note, the deputy minister also wants to legalize the use of electricity for cryptocurrency mining to prevent electricity theft which is similar to what TNB proposed earlier this month.

Meanwhile, he did not name any digital coins that K-KOMM have proposed for legalisation or any actual timeline. Currently, cryptocurrency is not illegal but it is not recognised as legal tender in Malaysia.

While BNM itself has never announced any intentions of legalising cryptocurrency, it had recently started assessing the need for a central bank digital currency (CBDC). While the digital tokens are not legal tender, there are currently four digital currency exchanges allowed to operate in the country.  On a global scale, only El Salvador has officially adopted a cryptocurrency as one of its official currencies so far.

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