Malaysia’s deputy finance minister Shahar Abdullah turned down a proposal to adopt Bitcoin as legal tender on Thursday, calling cryptocurrency unfit for payments.
See related article: Malaysia ministry: adopt crypto as legal tender to engage the young
Fast facts
- Abdullah voiced concerns around cryptocurrencies’ price volatility and cyber security risks.
- Zahidi Zainul Abidin, the deputy minister for communications and multimedia, proposed on Monday that Malaysia recognize cryptocurrencies like Bitcoin as legal tender to increase adoption among its youth.
- Malaysia is currently studying a central bank digital currency (CBDC) project with the Bank for International Settlements, Singapore, Australia and South Africa to improve cross-border transactions.
See related article: Retail malls, move over. Crypto mining is in for Malaysia’s Hatten Land