Bitcoin Considered as Legal Tender in Malaysia: Bloomberg

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Yuri Molchan

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Malaysian government is eyeing Bitcoin as legal tender in order to attract young users to crypto adoption

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Bloomberg spreads the word that the Malaysian government is now considering cryptocurrency as a potential legal means of exchange to be used in the country.

According to the article, the local Communication Ministry has proposed to the government that “cryptocurrency such as Bitcoin” should be implemented as legal tender.

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The deputy minister of the authority, Zahidi Zainul Abidin, commented that they want to legalize crypto in order to get young users to utilize Bitcoin for daily transactions and provide them with necessary assistance.

Currently, cryptocurrency is under the regulation of the local central bank and Securities Commission of Malaysia.

Last year, El Salvador was the first country in the world to adopt BTC as legal tender, and it started preparing a project to mine cryptocurrency using the energy produced by local volcanoes.

The country’s president, Nayib Bukele, made a prediction that this year at least two more countries will adopt Bitcoin, following the example of El Salvador.

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