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,”
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!