According to Bloomberg, the Malaysian government is considering making Bitcoin legal tender. This is in a bid to encourage more people to utilize cryptocurrencies because of the benefits they provide.
According to the report, Malaysia’s Communication Ministry has advised the government to use cryptocurrencies as a means of value transfer.
On Monday, March 21, the deputy minister Zahidi Zainul Abidin announced to the Parliament,
“We hope the government can allow this. We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them.”
It is merely a proposal as the decision is not within the ambit of Malaysia’s Communication Ministry, but under the control of the country’s Securities Commission and Central bank, Abidin stated.
If this is successful, Malaysia will join countries such as El Salvador in accepting Bitcoin as legal tender.
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