Malaysian deputy minister Zahidi Zainul Abidin has made a proposal in Malaysian Parliament on Monday. Mr. Zahidi is currently serving as Deputy Minister of Communication and Multimedia in the Malaysian government.
It has been reported that the Minister proposed that the government can permit the cryptocurrencies in the country. He is also reported to have stated that government is trying to find ways to legalize the crypto currencies so that young generation can be encouraged and helped to easily adopt the cryptocurrencies.
Currency matters of Malaysia are governed by its Central Bank known as Bank Negara Malaysia. Earlier in January this year, it was also reported in news that Bank Negara Malaysia was examining the needs and benefits of Cryptocurrencies in Malaysia.
Malaysian central bank is not alone which is actively testing the usability of cryptocurrencies. Most of the countries of the world are still grappling with the question of legalizing cryptocurrencies. India, for instance, has also proposed to launch its own Central Bank Digital Currency, CBDC.
In fact, several other countries such as Australia, South Africa, China and Singapore are also studying the use of digital currencies for international trade transactions and settlements. China has already launched digitalized version of Yuan, its traditional currency.
For now, El Salvador is the only country in the world which has given recognition to Crypto currencies as legal tender. However, acceptance of Crypto currencies as legal tender by El Salvador was not taken as serious development due to size and state of its economy.
In comparison, Malaysia is an industries-based economy which has been developing in a faster speed as compared to many south east Asian nations. The news of proposal to adopt cryptocurrencies as legal tender by Malaysia holds significance. Wait for more updates till then.
