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Bitcoin Being Considered as Legal Tender in Malaysia: Bloomberg

Mon, 03/21/2022 - 10:37
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Yuri Molchan
Malaysian government is eyeing Bitcoin as legal tender in order to attract young users to crypto adoption
Bitcoin Being Considered as Legal Tender in Malaysia: Bloomberg
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Bloomberg spreads the word that the Malaysian government is now considering cryptocurrency as a potential legal means of exchange to be used in the country.

According to the article, the local Communication Ministry has proposed to the government that "cryptocurrency such as Bitcoin" should be implemented as legal tender.

The deputy minister of the authority, Zahidi Zainul Abidin, commented that they want to legalize crypto in order to get young users to utilize Bitcoin for daily transactions and provide them with necessary assistance.

Currently, cryptocurrency is under the regulation of the local central bank and Securities Commission of Malaysia.

Related
Australia to Make Major Move Toward Regulating Crypto

Last year, El Salvador was the first country in the world to adopt BTC as legal tender, and it started preparing a project to mine cryptocurrency using the energy produced by local volcanoes.

The country's president, Nayib Bukele, made a prediction that this year at least two more countries will adopt Bitcoin, following the example of El Salvador.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.