Malaysian Ministry Proposes Digital Currencies as Legal Tender

Malaysian Ministry of Communications and Multimedia has proposed that digital currencies such as cryptocurrency be adopted as legal tender to help the younger generation who are active users of the currency, especially on non-fungible tokens (NFTs) trading platforms.

Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin said the ministry will look into ways to increase the youth’s involvement 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.