The country’s Deputy Financial Minister has refuted the recent speculations 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.
“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” said the Deputy Minister without providing details on those “various limitations.”
“The growing technology and payment landscape have prompted the Bank Negara Malaysia to actively assess the potential of bank’s digital currency central (or CBDC).”