Deputy Minister of the Communications and Multimedia Ministry Zahidi Zainul Abidin stated the nation ought to adopt Bitcoin (BTC-USD) and other cryptocurrencies as legal tender, Bloomberg reported Monday.
“We hope the federal government can enable this, Bloomberg reported, citing Zahidi responding to a query from an opposing member in Parliament.
Remember that Malaysia’s Communications and Multimedia Ministry oversees the digital and broadcasting sectors and The Ministry of Housing and Native Authorities additionally has authority over “digital monetary actions,” Zahidi added.
Zahidi’s remarks got here after Malaysia’s central financial institution advised Bloomberg in January that it is assessing whether or not to introduce a central financial institution digital foreign money, or a digital token that’s pegged to a sovereign fiat foreign money.
Recall El Salvador is the one nation that has adopted bitcoin (BTC-USD) as legal tender. However since its flip to BTC in Sept. 2021, solely 14% of firms within the nation transacted in BTC, Bloomberg famous, citing a survey from the nation’s Chamber of Commerce.
Bitcoin (BTC-USD) is the most important crypto by market cap within the decentralized ecosystem adopted by Ethereum (ETH-USD), Binance Coin (BNB-USD), Ripple (XRP-USD), Terra (LUNA-USD), Cardano (ADA-USD), Solana (SOL-USD), Avalanche (AVAX-USD), Polkadot, dogecoin (DOGE-USD) and Shiba Inu (SHIB-USD).
On the finish of June, 2021, Mexican billionaire Salinas Pliego needed high adopt bitcoin for his banking business.