• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023

Exploring the Weird and Wonderful World of Cryptocurrency Websites

January 18, 2023

The best PR films to inspire your crypto marketing strategy

January 2, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Blockchain»Will Malaysia legalize Bitcoin?
Blockchain

Will Malaysia legalize Bitcoin?

Donald MunnBy Donald MunnMarch 22, 2022Updated:September 29, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Malaysia’s Deputy Minister for Communications, Datuk Zahidi Zainul Abidin, today expressed his desire for Bitcoin and cryptocurrencies to be legalized in the country. 

He did so in Parliament, in response to an explicit question from opposition MP Syed Ibrahim Syed Noh. 

Bitcoin legal tender in Malaysia?

The subject of the question was specifically NFTs, and the relationship of young people with cryptocurrencies. 

In fact, the deputy minister’s answer was that digital currencies should be adopted as legal currencies precisely to help the younger generation, who are very active in the crypto sector particularly on NFT trading platforms. 

He also promised that the ministry will try to find solutions to increase the involvement of young people in the crypto sector, as this is the future of finance.

NFT trading platforms are becoming increasingly popular in Malaysia, especially among the younger generation. 

For now, these are just words, and promises, also because the deputy minister himself pointed out that the issue also concerns the central bank and the financial markets supervisory agency. Moreover, the government’s position may not necessarily be the same. 

Malaysia NFTMalaysia is very advanced when it comes to NFTs

Fintech in Malaysia

However, it seems that the Malaysian government not only has no intention of hindering the spread of these technologies, but that it wants to encourage it, perhaps to benefit the population or local crypto activities in some way. 

On the other hand, fintech in Malaysia has been enjoying great success for years now, and the country is among the most avant-garde in this sector, along with Singapore, in Southeast Asia. 

From what we understand, the government’s intention is not to make Bitcoin legal tender, as El Salvador has done, but to legalize its use to make it easier and more common. 

In particular, if the goal is mass adoption, it will be necessary to ensure that all traditional financial platforms, especially those for payments, allow the free and widespread use of cryptocurrencies. 

Now it remains to be seen whether these words will be followed by deeds, but given the remarkable development of fintech in the country in recent years, it is fair to imagine that something concrete could actually be done. 

Cryptocurrencies in Southeast Asia

Southeast Asia is an area populated by many hundreds of millions of people, and from a financial point of view, it is dominated by the important financial centre of Singapore. It is no coincidence that the Philippines has also been considering becoming crypto-friendly for some time, although Malaysia is already much more advanced in this respect. 

Finally, Malaysia is an oil exporter, and the use of cryptocurrencies could also benefit international financial transactions. 

The post Will Malaysia legalize Bitcoin? appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

Cryptocurrencies and startups related to mental health are important topics in today’s world, which have become especially relevant in the era of the COVID-19 pandemic

December 26, 2022

Premonitory signs of a bullish market, what does the VIX index show?

September 1, 2022

The Web3 Conference A Certified Carbon Neutral Event

September 1, 2022

Dubai issues regulations governing virtual asset marketing

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023

Exploring the Weird and Wonderful World of Cryptocurrency Websites

January 18, 2023

The best PR films to inspire your crypto marketing strategy

January 2, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.