简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Malaysia’s deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in.
Malaysias deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in.
Reports have it that Malaysias deputy finance minister Mohd Shahar Abdullah is not in support of the idea of adopting crypto as a payment method. A few days ago, the deputy communications minister, Datuk Zahidi Zainul Abidin, proposed the adoption of crypto as a means of payment.
Zainul Abidin called for the legalization of some use cases of crypto and NFTs, stressing that such measures would remarkably support youth as there is massive growth of crypto and NFTs among them.
According to a report by Bloomberg, Mohd Shahar Abdullah was at a parliamentary meeting on March 24, noting that crypto is unsuitable for use as a payment instrument because of a variety of limitations. He mentioned risks such as volatility and possible cyber threats.
He said the focus will remain on prospective development of CBDC as against the adoption of crypto for payments. Malaysia's central bank is involved in an active assessment of CBDC's potential as the payment space and technology continues to grow.
Although Malaysian financial regulators are unwilling to adopt crypto as a means of payment, they are yet to restrict crypto trading
Meanwhile, Malaysia has been cracking down on illegal cryptocurrency mining activities. In December, the Malaysian police shut down a crypto mining operation and seized 1,720 bitcoin mining machines in an electricity theft crackdown. In July last year, the authority destroyed over 1,000 bitcoin mining machines with a steamroller..
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
As the 2024 U.S. presidential race approaches, investors worldwide are closely watching potential outcomes and their implications for global markets. While a 269-269 Electoral College tie between Vice President Kamala Harris and former President Donald Trump remains unlikely, its occurrence would set the stage for an unprecedented period of political uncertainty, triggering a contingent election decided by Congress. Such uncertainty would ripple across forex, stock, and oil markets, where stability and predictability are prized. Here’s a look at how a tie could affect these key financial sectors.
A former finance officer in Malaysia lost RM450,000 in savings after being deceived by an investment scheme advertised on social media.
A 50-year-old Malaysian woman experienced a devastating loss exceeding RM80,000 after falling victim to an online investment scam that preyed on her aspirations for substantial returns. The victim, a former secretary at a private firm, had initially hoped to secure a profitable investment opportunity but instead found herself deceived by a fraudulent scheme.
CMC Markets partners with ASB Bank to offer NZ clients advanced trading technology, access to global markets, and enhanced investment tools on ASB's digital platforms.