Cryptocurrency

Malaysia Will Not Adopt Bitcoin as Legal Tender, Government Says – Regulation Bitcoin News

Malaysia’s deputy finance minister has clarified that the federal government is not going to undertake cryptocurrency as authorized tender. “Cryptocurrencies like bitcoin will not be appropriate to be used as a fee instrument attributable to numerous limitations,” he stated.

Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister

Following reviews {that a} high-ranking authorities official has proposed adopting cryptocurrency as authorized tender in Malaysia, the federal government clarified in parliament Thursday that it has no intention of creating cryptocurrency authorized tender within the nation, Bloomberg reported.

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Deputy Finance Minister Mohd Shahar Abdullah stated in parliament:

Cryptocurrencies like bitcoin will not be appropriate to be used as a fee instrument attributable to numerous limitations.

He named value swings and publicity to cyber threats as examples of the constraints of cryptocurrencies.

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