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Deputy Minister of the Communications and Multimedia Ministry Zahidi Zainul Abidin said the country should adopt Bitcoin (BTC-USD) and other cryptocurrencies as legal tender, Bloomberg reported Monday.
“We hope the government can allow this, Bloomberg reported, citing Zahidi responding to a question from an opposing member in Parliament.
Keep in mind that Malaysia’s Communications and Multimedia Ministry oversees the digital and broadcasting sectors and The Ministry of Housing and Local Government also has authority over “digital financial activities,” Zahidi added.
Zahidi’s remarks came after Malaysia’s central bank told Bloomberg in January that it’s assessing whether to introduce a central bank digital currency, or a virtual token that is pegged to a sovereign fiat currency.
Recall El Salvador is the only country that has adopted bitcoin (BTC-USD) as legal tender. But since its turn to BTC in Sept. 2021, only 14% of companies in the country transacted in BTC, Bloomberg noted, citing a survey from the country’s Chamber of Commerce.
Bitcoin (BTC-USD) is the largest crypto by market cap in the decentralized ecosystem followed by Ethereum (ETH-USD), Binance Coin (BNB-USD), Ripple (XRP-USD), Terra (LUNA-USD), Cardano (ADA-USD), Solana (SOL-USD), Avalanche (AVAX-USD), Polkadot, dogecoin (DOGE-USD) and Shiba Inu (SHIB-USD).
At the end of June, 2021, Mexican billionaire Salinas Pliego wanted top adopt bitcoin for his banking business.
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