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Malaysian ministers argue over recognizing Bitcoin as a payment tool

Malaysian ministers argue over recognizing Bitcoin as a payment tool

The Ministry of Communications suggested legalizing cryptocurrency. However, representatives of the Central Bank, the Ministry of Finance, and the Securities Commission believe that Bitcoin doesn't possess the characteristics of money.

According to Bloomberg, Malaysian Deputy Minister of Communications and Multimedia Zahili Zainul Abidin called on the government to recognize Bitcoin and other cryptocurrencies as legitimate means of payment. He expressed hope that the government would approve the proposal.

The Ministry of Communications has no jurisdiction over the issue of recognizing bitcoin as a means of payment. The country's Central Bank, the Ministry of Finance, and the Securities Commission should deal with this issue. At the moment, the agencies are not ready to legalize cryptocurrency.

Malaysian Deputy Finance Minister Yamani Hafez Musa said the Ministry of Finance is opposed to this idea given bitcoin's volatility and security concerns. The deputy minister also pointed out that digital assets, such as Bitcoin and Ethereum, do not have the properties of money.

Last year, El Salvador became the first country in the world to grant bitcoin the status of legal means of payment. Since September 7, prices in the country can be set in Bitcoin, it is also possible to pay taxes in cryptocurrency. Bitcoin exchange is not subject to capital gains tax. The government also invests in cryptocurrency since the authorities have 1.6 thousand BTC worth $71 million on their accounts.

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