MCMC proposes adoption of cryptocurrencies as legal tender

CompareHero.my Team

CompareHero.my Team

Last updated 21 March, 2022

Over the last year, a dramatic increase in interest in Non-Fungible Tokens (NFTs) have created a global wave catapulting cryptocurrencies firmly into the minds of the youths, including in Malaysia. 

Driven by their activity on NFT trading platforms, Malaysian youths have become active users of cryptocurrencies such as Ethereum & Solana. As such, the Ministry of Communications and Multimedia has today proposed that digital currencies be adopted as legal tender. 

According to Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin, the ministry will look into ways to increase the involvement of our younger generation in digital currencies as it is the future of finance. 

“All of these are under the purview of Bank Negara Malaysia and the Securities Commission Malaysia.

“We hope the government will allow and legalise this so that we can increase the youth’s uptake of cryptocurrencies,” he said.

The statements were made as a response to a supplementary question from Syed Ibrahim Syed Noh (Ledang-PH) on the government’s stand on trading on NFT platforms which are becoming more popular, especially among the younger generation. - BERNAMA

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