Malaysia’s Deputy Finance Minister: Crypto Not Suitable as Means of Payment o...
Malaysia’s deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in. Deputy Finance Minister […]
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Similar to countries like Indonesia, Malaysia has not banned crypto trading but the government doesn't want to adopt crypto for payments. An official at the Ministry of Finance of Malaysia reportedly opposed the idea of adopting cryptocurrencies like Bitcoin (BTC) as a payment method following recent crypto-friendly proposals by the deputy communications minister.Malaysia has no plans to recognize BTC as legal tender, deputy finance minister Mohd Shahar Abdullah said in a parliamentary meeting on Thursday, according to a Bloomberg report.“Cryptocurrencies like Bitcoin are not suitable for....
Malaysia’s deputy finance minister has clarified that the government will not adopt cryptocurrency as legal tender. “Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,” he said.
Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister
Following reports that a high-ranking government official has proposed adopting cryptocurrency as legal tender in Malaysia, the government clarified in parliament Thursday that it has no intention of making cryptocurrency legal tender in the....
Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money. The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly backing the adoption of cryptocurrencies, with the deputy minister calling the government to legalize crypto.Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has urged Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT), local news agency Harian Metro reported on Monday.Zahidi pointed out that such....
Speaking at the All-Russian Banking Conference, Deputy Minister of Finance Alexey Moiseev stated that the bill proposing penalties for using “monetary surrogates” will finally become law this year. According to RIA Novosti, Russia’s Ministry of Finance is expected to take measures sometime this year against the usage of monetary surrogates (such as Bitcoin), as stated by the Deputy Minister of Finance Alexey Moiseev at the All-Russian Banking Conference. “The law, which provides measures for penalizing the usage of monetary surrogates, will finally be passed this year.” The Deputy Minister....
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.” Singapore’s Deputy Prime Minister Warns About Crypto Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said: Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough. He brought up....