Malaysia flirting with Bitcoin as Kuala Lumpur makes the right crypto noises
Malaysia could be positioning itself to be next in line to adopt Bitcoin as legal tender as government officials continue to drop hints about the prospect of fully embracing cryptocurrency.
It is understood ministers within the Kuala Lumpur-based parliament are turning up the volume on their desire to see cryptocurrency take a leading role in the southeast Asian nation’s economy.
Responding to questions about Bitcoin adoption during a parliamentary session earlier today, Zahidi Zainul Abidin – deputy minister of the Communications and Multimedia Ministry – said “We hope the government can allow this” when asked specifically about following the example of El Salvador in making Bitcoin legal tender.
It’s the first time cryptocurrency adoption has been officially discussed by government figures in Malaysia.
A statement is yet to be made by the Central Bank of Malaysia. However, banking chiefs did say earlier this year that they were assessing the possibility of introducing a central bank digital currency (CBDC).
El Salvador formally made Bitcoin legal tender in September 2021 – a move largely driven by its crypto fanatic president Nayib Bukele.