Malaysian Deputy Minister proposes legalising Bitcoin in the country

Malaysia’s Deputy Minister of Communications Zahidi Zainul proposed in the Malaysian Parliament on Monday that the country should recognise Bitcoin as legal tender. 

It is noteworthy to mention that El Salvador became the first country in the world to accept Bitcoin as legal tender in September 2021.

The minister said during parliamentary proceedings, "We hope the government can allow this," when putting forth a proposal to accept Bitcoin as legal tender.

Malaysia ranks 23rd on Chainalysis' 2021 Global Crypto Adoption Index. The general population of the country is already comfortable with transacting using cryptocurrencies like Bitcoin.

Malaysia is already examining the idea of a central bank digital currency. The Central Bank of Malaysia has joined a trial with the Bank for International Settlements to develop a proof of concept for their CBDC.

Central bank digital currencies are essentially electronic representations of national currencies. Unlike cryptocurrencies like Bitcoin, they can be regulated and are not decentralised.

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