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Use of crypto in payment is illegal but Ministry moving toward adoption: Malaysia

Use of crypto in payment is illegal but Ministry moving toward adoption: Malaysia 2

Malaysia is looking to find ways to adopt cryptocurrencies in the country to use for possible payment purposes. 

In the present laws and rules of Malaysia, crypto use as a legal tender is fully prohibited and fully against the national rules but the use of crypto assets for trading purposes is legal, as of Malaysian court order October 2018. So the crypto industry is open to the citizens of Malaysia but they are under the prohibition of crypto use in the payment system more likely to Russia. 

On 21 March, Harian Metro, a local news media outlet in Malaysia, published a report on the efforts of the Malaysian Ministry of Communications and Multimedia (KKMM) to push the adoption of crypto in some much better ways, besides trading.

Reportedly, Datuk Zahidi Zainul Abidin, the deputy communications and multimedia minister, proposed a suggestion for a suitable agency, which can provide a way to use cryptocurrencies or digital assets for payment purposes and also use cases of NFTs. 

The Deputy minister asserted that crypto adoption with better use cases is a real need of the present time and demand according to the needs of the young generation of the country. 

Minister also noted that there may be chances that KKMM might have ways to involve the young generation in cryptocurrencies. On the same side, he said that a precise and perfect regulation system will be the priority-based need for this industry.

Deputy minister added: 

“We hope the government can try to legalize this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on.”

After the comments by the Malaysian deputy minister on crypto & NFTs adoption in ways of the payment system, few media reports claimed that there are chances that Malaysia may adopt cryptocurrencies like Bitcoin as a legal tender  just like El Salvador adopted Bitcoin as Currency in last year on 7 September.

Read also: Popular NFTs Bored Apes creator plans to launch Metaverse

Use of crypto in payment is illegal but Ministry moving toward adoption: Malaysia


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