The Malaysian Ministry of Communications proposes to legalize digital currency

The Malaysian Ministry of Communications and Multimedia recently proposed to legalize several digital currencies, including Bitcoin, in the hope of supporting the increasingly active youth participation in this industry. Deputy Minister Zahidi Zainul Abidin emphasized that this will help promote youth engagement and create opportunities for them to develop in the digital currency field, particularly in transactions related to non-fungible tokens (NFTs).

However, this draft also faced opposition from the Malaysian Minister of Finance, Tengku Zafrul Aziz, who asserted that payments using cryptocurrencies such as Bitcoin and Ether remain illegal in the country due to their speculative nature and high price volatility. Currently, Malaysia has not officially recognized Bitcoin as legal tender but is seeking to research and develop its own digital currency from the Central Bank. The debate over the legalization of digital currency in Malaysia continues, especially when compared to El Salvador, the first country in the world to recognize Bitcoin as official currency.