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..
Traders neglect the basic education about the forex market and end up losing money. It is one of the common mistakes they do. It is unsaid rule that If you're enter in the jungle of forex, you must read, learn, and understand before you start trading. In this article, you'll get to know about the books on forex trading that you must read.
Fallen prey to high-return promises made by Inefex through social media and other platforms? Facing constant pressure from it to deposit funds despite consistent losses in trade? Most probably, Inefex has scammed you like many others. The constant foul play in its operation has been grabbing attention on forex broker review platforms. Check out some of their reviews.
Currency pairs play a crucial role in forex trading. To effectively participate in the forex market, it's important to understand which currency pairs are most relevant in your country. For traders in India, knowing the actively traded currency pairs is essential.
A man allegedly posing as a "Datuk Seri" is under scrutiny after several individuals reported being defrauded through an investment scheme believed to be linked to him.