Malaysian Ministry of Communications and Multimedia calls on the government to legalize digital assets

Malaysian Ministry of Communications and Multimedia calls on the government to legalize digital assets

The Ministry of Communications and Multimedia of Malaysia has asked the regulatory authorities to consider all possible options for legalizing “new money”. In particular, Deputy Minister Datuk Zahidi Zainul Abidin spoke in support of digital assets and NFT tokens. Thus, in an interview with the local business publication Harian Metro, the man noted that the government simply has to allow citizens to use cryptocurrencies and non-exchangeable tokens legally.

In turn, more recently, in the Ministry of Finance, the issue of legalization of digital assets has caused a completely different reaction. Officials at the ministry called cryptocurrency an “illegal means of payment”, noting that digital assets do not meet the universal characteristics of the term “money.

Despite the Ministry of Finance’s understandable position, Zahidi continues to insist that digital assets should be legalized in Malaysia. According to the deputy minister, the cryptocurrency industry has been attracting more and more young people in recent years. This indicator, Zahidi believes, cannot be ignored under any circumstances, as it is the young generation that is behind the country’s future.

“Digital assets are not just one of the investment tools, they are the ‘financial and business program of the future,’ especially from the perspective of young people. We hope that the government can still start the process of legalizing cryptocurrencies, so that, in turn, our agency can help educate citizens on the principles of using innovative technologies”, the deputy minister stressed.

According to some news sources, Zahidi does not just want to legalize digital assets, he allegedly wants to recognize cryptocurrencies as “legal tender,” following the example of El Salvador.

According to the Deputy Minister of Communications and Multimedia, his ministry does not expect support in this matter from the Ministry of Finance, but expects it from other, no less important regulatory bodies. Thus, Zahidi hopes that his call will be heard by the leadership of the Securities and Exchange Commission of Malaysia and the Central Bank.

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Written by Renat
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