Malaysia Won’t Adopt Bitcoin As Legal Tender, Deputy Finance Minister Says

1648122883 Malaysia

The country’s deputy finance minister has refuted recent speculation that bitcoin and other digital assets could be legalized in Malaysia. Instead, Mohd Shahar Abdullah said the nation will focus on issuing a central bank digital currency.

CryptoPotato reported earlier this week that Malaysia’s deputy minister of the country’s Ministry of Communications suggested that the nation follow in El Salvador’s footsteps and legalize bitcoin. This would have made it only the second country in the world to take such steps. However, Bloomberg reported on March 24 that Malaysia’s deputy finance minister said there are currently no plans.

“Cryptocurrencies such as Bitcoin are not suitable for use as a payment instrument due to various restrictions,” the deputy minister said without detailing those “various restrictions.”

The politician outlined a different path Malaysia has taken – through a central bank digital currency.

“The growing technology and payments landscape has prompted Bank Negara Malaysia to actively assess the potential of the bank’s central digital currency (or CBDC).”

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