‘Malaysia is definitely not going to make Bitcoin money legally’

Malaysia has been in the bitcoin news relatively often lately, but often in a mixed context. First, the country’s central bank already showed an aversion to cryptocurrencies, and later the deputy finance minister stated that cryptocurrencies are not legal tender.unnen are† Nevertheless, there were still rumors that such a law was being worked on, but that idea has now been brushed aside by a second deputy minister.

Bitcoin no legal tender

Another Deputy Finance Minister, Mohd Shahar Abdullah, declared that yesterday in the parliament of Malaysia. The announcement followed news that crypto in general legal tender could be, according to the Minister of Communications and Multimedia. Legal tender means that the government sees something as legal tender. Sellers are therefore not allowed to refuse this money when making payments. This would ideally help young people with adoption, and according to the minister, digital currencies are the future. He stated this after a question about the government’s opinion around non-fungible token (NFT) trading platforms.

Previously guiding crypto regulations

Malaysia has not only said that the Bitcoin network is too slow, consumes too much energy and the asset itself is too volatile. It also hit Bitcoin miners hard by flattening ASIC mining hardware. However, this hardware was used by illegal miners who tapped power from an unsuspecting energy supplier. Presumably, Malaysia prefers to look at other cryptocurrencies than Bitcoin (BTC). It is not clear which cryptocurrencies are more positive about.

The country just above Indonesia is therefore quite hard on cryptocurrencies, but it does have the ambition to become one of the largest crypto hubs worldwide. Malaysia therefore does not want a ban on cryptocurrencies, but regulations that are clear and guiding. A fairly harsh approach is then an additional consequence.

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