Malaysian official calls the state to legalize NFTs crypto

March 21, 2022

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The Malaysian Ministry of Communications and Multimedia, KKMM is seconding the adoption of virtual currencies, with the deputy minister convening the government to legalize crypto. Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has prompted Malaysia’s regulators to legalize specific use cases of virtual currencies and nonfungible tokens. Recently, Malaysia’s finance minister said that crypto payments were illicit as they don’t meet the prevailing aspects of money.

Zahidi pinpointed that such measures would considerably benefit young people as the digital currency enterprise has been thriving popular among the youth. He further added that the KKMM is investigating paths to improve the participation of the young generation in the industry. The deputy minister remarked that the judgment on crypto legislation is up to Malaysia’s economic regulators, comprising the Securities Commission Malaysia and central bank. Zahidi said that the ministry is inclined to carry this question up because the crypto industry is the business and economic policy of the future, particularly for the young generation. He added that they hope the government can begin to legalize this matter so that we can improve the participation of young people in virtual currencies and assist them in terms of energy consumption and many more.

As per some sources, Zahidi recommended not just legalizing certain cryptocurrency transactions but rather accepting digital currency as legal tender. Digital assets do not hold a good value and a medium of exchange because digital assets are vulnerable to unstable rate fluctuations, the threat of robbery due to cyber threats and lack of scalability. The minister added that Bank Negara Malaysia was struggling to potentially enlist a central bank digital currency and blockchain-related improvements to answer back to the rising trend in the digital asset enterprise.

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