Malaysia Will Not Adopt Bitcoin as Legal Tender

The country’s Deputy Financial Minister has refuted the recent speculations that bitcoin and other digital assets could be legalized in Malaysia.

Shahar Abdullah said the nation will focus on issuing a central bank digital currency

Malaysia’s Deputy Minister of the country’s Communication Ministry proposed that the nation should follow the footsteps of El Salvado

This would have made it only the second country in the world to take such steps

Malaysia’s Deputy Finance Minister said there’re no such plans at the moment.

Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations

The politician outlined a different path Malaysia has taken – via a central bank digital currency.

growing technology and payment landscape have prompted the Bank

Negara Malaysia to actively assess the potential of bank’s digital currency central