fbpx
Connect with us

News

MOF Rejects K-KOMM’s Proposal, Says M’sia Won’t Recognise Cryptocurrency As Legal Tender

Published

feat image crypto malaysia
Source: Times of Now & Bernama

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Earlier this month, the Deputy Minister of Communications and Multimedia (K-KOMM), Datuk Zahidi Zainul Abidin proposed for the Federal Government to recognise cryptocurrency as legal tender in our country. As reported by TechNave, Zahidi called crypto ‘the future of finance’ and proposed for the necessary discussions to be made in order to legalise cryptocurrency trading in Malaysia.

However, it seems that the ministries in Malaysia didn’t see eye-to-eye with each other regarding the matter as the proposal was rejected by the Ministry of Finance (MOF). Speaking at the Dewan Rakyat yesterday, Finance Deputy Minister I, Dato’ Indera Mohd Shahar Abdullah said that the government has no intention to recognise cryptocurrency as legal tender in our country any time son.

As reported by Bloomberg, MOF made the decision because of cryptocurrency’s volatile nature and how it is susceptible to hackers. Furthermore, Shahar said that crypto is not suitable for use as a payment instrument as it has ‘limitations’ as well as affected by severe ‘price swings’ and ‘cyber threats’.

The Finance Deputy Minister I asserted,

“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations. This includes price swings and exposure to cyber threats,”

8D7E1729 6225 428C 90F0 22588036075F

Finance Deputy Minister I, Dato’ Indera Mohd Shahar Abdullah.

What do you guys think of the statement by MOF? Do you think our country should reconsider its stance on cryptocurrency? Share your thoughts with us in the comments.

 

Also read: Cryptocurrency For Dummies – Here’s an Easy Guide on How To Get Started in Investing!

ft crypto

Source: Bernama

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

cat3 cat3
News4 hours ago

Wan Azizah: Immediate Action Needed to Identify Cause of Gruesome Cat Deaths at UM

Recently, 3 dead cats were found at a local university in a mutilated state, with their stomachs cut open and...

umft umft
News4 hours ago

“Strict disciplinary action will be taken” – UM to Investigate Lecturer Accused of Sexual Harassment

Recently, news broke out about a local university professor who is under fire for allegedly sending nude photos to a...

lrtft lrtft
News5 hours ago

Prasarana Lodges Police Report Over Brawl Involving M’sian & S’porean Football Fans

Last night (December 20), Malaysian and Singaporean football team fans brawled after the match at the Bandar Tasik Selatan LRT station....

collage 103 collage 103
News12 hours ago

Govt Announces Free Tolls Nationwide on December 23 & 24 for Christmas Celebrations

Malaysians NEED NOT pay toll fares on Monday to Tuesday (December 23 to 24) in conjunction with the Christmas celebration...

collage 102 collage 102
News1 day ago

M’sian Woman Asks BF to Come Over, Allegedly Locks Him in a Room & Physically Abuses Him With Her Family 

Tawau District Police recently shared a statement about a 27-year-old man who was allegedly abused and locked up by his...

feat image tiktok feat image tiktok
News1 day ago

Malaysia Tops List of Governments Worldwide for MOST Requests Sent to Remove Content on TikTok

Popular social media platform TikTok recently published its latest “Government Removal Requests Report“, which provides an insight into the volume...

collage 2 4 collage 2 4
News1 day ago

SUHAKAM Criticises Shariah Court’s Decision to Enforce Public Caning as Punishment for Khalwat

In November, a 42-year-old Malaysian widower was reported to become the first person in Terengganu to be caned in public...

feat image apple indo feat image apple indo
News1 day ago

Apple Agrees to Invest RM4.51 BILLION in Indonesia to Lift Ban on the iPhone 16 Series

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

Announcement

Latest Videos



TRENDING TODAY