Malaysian official urges government to legalize cryptocurrencies

The Malaysian Ministry of Communications and Multimedia (KKMM) has invited the government to consider legalizing some options for using digital currencies.

Malaysian Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin called on the country’s regulators to legalize certain use cases for digital currencies and NFTs. This was reported by the local news agency Harian Metro.

According to the official, the crypto-currency industry is becoming more and more popular, and such measures will greatly support the younger generation who are striving for new technologies. Zahidi also said the ministry is looking into ways to increase youth participation in the industry.

However, decisions on the regulation of cryptocurrencies in the country are made by financial regulators, including the Central Bank and the Malaysian Securities Commission. The official said that KKMM is ready to raise this issue, as it sees the future of the financial and business industries in digital currencies.

“We hope that the government can try to legalize digital currencies in some form so that we can increase the participation of young people in this industry and help them with issues related to the energy needed to mine cryptocurrencies,” Zahidi said.

In early March, Deputy Minister of Finance of Malaysia Yamani Hafez Musa said that digital currencies are not suitable for settlements and payments, and cannot be considered an effective savings tool.

Source: Bits

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