Local press The Star reported that Malaysia’s deputy minister of the Communications and Multimedia Ministry informed the nation’s parliament on Monday that the government ought to explore embracing crypto such as Bitcoin as legitimate cash, according to the newspaper.
The deputy minister, Zahidi Zainul Abidin, stated that now the communications ministry is attempting to determine how well the nation can support legalizing cryptocurrency in order to boost the utilization of cryptos among the young generation. However, he pointed out that economic policy is under the jurisdiction of Bank Negara Malaysia as well as the Securities Commission of Malaysia.
El Salvador is now the sole country in the world that accepts Bitcoin as legitimate money. Despite the fact that Malaysia has not originally stated its position on accepting cryptocurrency as official cash, the country has been working on a central bank digital currency (CBDC) initiative with the Bank for International Settlements, Singapore, Australia, as well as South Africa to evaluate cross-border CBDC transfers in collaboration with these countries.
The very next logical concern, as with any cash or medium of exchange, is what you could really purchase with any of it. This is true for any cash or form of payment. What exactly are you supposed to do with it? What are you supposed to utilize it for? Inquires Henry Chong, CEO of Fusang Corp., a digital securities exchange established in Malaysia.
Thus according to Chong, Labuan, a Malaysian mid-shore authority where Fusang is controlled, has authorized more than 80 digital enterprises that are working to establish an end-to-end digital infrastructure.
According to Chong, a medium of exchange, no matter how handy it may be for transferring worth, is not enough on its own an asset, and the potential for individuals to utilize cryptos to invest in real products, securities, and other investment assets opens up a whole new universe of financial opportunities for retail investors.
