{"id":63188,"date":"2022-03-26T09:00:38","date_gmt":"2022-03-26T09:00:38","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=63188"},"modified":"2022-03-26T09:00:38","modified_gmt":"2022-03-26T09:00:38","slug":"malaysia-will-not-adopt-bitcoin-as-legal-tender-government-says","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=63188","title":{"rendered":"Malaysia Will Not Adopt Bitcoin as Legal Tender, Government Says"},"content":{"rendered":"

\"Malaysia<\/p>\n

Malaysia\u2019s deputy finance minister has clarified that the government will not adopt cryptocurrency as legal tender. \u201cCryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,\u201d he said.
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<\/strong>\n<\/p>\n

Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister<\/h2>\n

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\nFollowing 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 country, Bloomberg reported.<\/p>\n

Deputy Finance Minister Mohd Shahar Abdullah said in parliament:\n<\/p>\n

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Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations.<\/p>\n<\/blockquote>\n

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\nHe named price swings and exposure to cyber threats as examples of the limitations of cryptocurrencies.<\/p>\n

His statement echoes another he made earlier this month about cryptocurrency. \u201cDigital assets, such as bitcoin and ethereum, are not suitable to be used as a payment instrument,\u201d the deputy minister stressed<\/a>, adding that \u201cIn general, digital assets are not a store of value and a good medium of exchange.\u201d<\/p>\n

The deputy finance minister further told parliament Thursday:\n<\/p>\n

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The growing technology and payment landscape have prompted Bank Negara Malaysia to actively assess the potential of \u2026 the central bank\u2019s digital currency.<\/p>\n<\/blockquote>\n

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\nEarlier this week, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin reportedly proposed adopting cryptocurrency as legal tender in Malaysia. However, there are conflicting reports about what he actually said. According to Malaysian national news agency Bernama, the minister merely proposed legalizing non-fungible tokens<\/a> (NFTs) to boost participation in the crypto sector.<\/p>\n

What do you think about the Malaysian government stating that it will not adopt cryptocurrency as legal tender? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Malaysia\u2019s deputy finance minister has clarified that the government will not adopt cryptocurrency as legal tender. \u201cCryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,\u201d he said. Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister Following reports that a high-ranking government official has proposed […]<\/p>\n","protected":false},"author":2,"featured_media":63189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-63188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63188"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/63189"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}