Malaysia Discusses Legalizing Bitcoin, Regulatory Obstacles

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  • The Malaysian legislature is reportedly called on to legalize transfer on bitcoin and other cryptocurrencies.
  • “We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them,” its deputy minister said.
  • Regulatory responsibility falls on the Bank Negara Malaysia – central bank of Malaysia – and the Securities Commission who is currently “assessing the value proposition of central bank digital currency.”

Malaysia’s deputy minister of The Ministry of Communications and Multimedia (K-KOMM), Zahidi Zainul Abidin, addressed the lower bicameral branch of federal Malaysian legislature – known as the Dewan Rakyat – to present a call-to-action for Malaysian parliament to adopt cryptocurrencies such as bitcoin as legal transfer, according to Bloomberg.

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