- The Malaysian legislature is reportedly being asked to legalize the transfer in bitcoin and other cryptocurrencies.
- “We are trying to see how we can legalize this so that we can develop the participation of young people in crypto and help them,” said his deputy minister.
- Regulatory responsibility rests with Bank Negara Malaysia, Malaysia’s central bank, and the Securities Commission, which is currently “assessing the central bank’s digital currency value proposition.”
Malaysian Ministry of Communications and Multimedia (K-KOMM) Deputy Minister Zahidi Zainul Abidin addressed the lower bicameral branch of the Malaysian federal legislature, known as the Dewan Rakyat, to issue a call to action for parliament to of Malaysia adopt cryptocurrencies. such as bitcoin as a legal transfer, according to Bloomberg.
“We hope the government can allow this,” Zahidi said. “We are trying to see how we can legalize this so that we can develop the participation of young people in cryptocurrencies and help them.”
This statement was made in response to the question submitted by Member of Parliament (MP) for Ledang, Syed Ibrahim Syed Noh, who questioned the government’s stance on Non-Fungible Tokens (NFTs) with the increasing influx of traders in the class of assets in Malaysia.
“We hope that the government can and will try to ‘legalize’ (legally) this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption, etc,” Zahidi explained.
The MP went on to say: “This is all under Bank Negara Malaysia and the Malaysian Securities Commission,” according to a translation. report. “However, we in the ministry want to register, because this is the commercial and financial program of the future, especially for the youth of today.”
Zahidi is referring to the regulatory responsibilities that fall to Bank Negara Malaysia, the country’s central bank, and its Securities Commission.
The Malaysian central bank is already pursuing a central bank digital currency, according to a separate report. Bloomberg report where a representative of the institution said that the bank “is actively evaluating the value proposition of the central bank digital currency (CBDC) for Malaysia”.
The representative went on to say, “While no decision has been made to issue CBDC, we have focused our research on CBDC through proof of concept and experimentation to improve our technical and policy capabilities, should the need to issue CBDC arise. in the future.”