Quote
Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
Topic: Malaysia could be an encouragement to legalize crypto in asian country? (Read 172 times)
March 27, 2022, 11:52:17 AM
So what is the continuation of this quote? is it just a piece of unfinished story. This is still a proposal and has not yet become fully final when we see it from a long process and does not necessarily become a proposal that is directly endorsed by the Malaysian government. Maybe it seems like news at a glance and it is still a mystery whether it will be passed and immediately knock the hammer in the Malaysian parliament?
March 27, 2022, 11:06:32 AM
I think in the 21st century now countries have realised the next economic havens of the world are not going to be made due to oil, real estate or tourism, instead it's going to be due to web 3.0 and Cryptocurrencies, this is why these small countries of the world are ready to take the lead in these sphere as well. I think Malayasia will definitely go through this proposal and can become the next Singapore for crypto companies.
March 27, 2022, 10:42:23 AM
You combined several incorrect things, El Salvador considered Bitcoin a legal currency like USD, but what Ukraine, Malaysia did is just adopt Bitcoin as a legal currency, which means:
Imposing a ban on these currencies means that the government will spend more money to track traders, and this will not bring them any additional income.
Regulation is for economic reasons, which is different from considering it a legal currency
- They can generate additional income by imposing taxes on those crypto.
- They can generate income by providing licenses to the platforms.
- They can generate additional income by providing the service of converting cryptocurrencies to local currency.
Imposing a ban on these currencies means that the government will spend more money to track traders, and this will not bring them any additional income.
Regulation is for economic reasons, which is different from considering it a legal currency
Please read OP carefully. I mentioned el Salvador made bitcoin legal tender and Ukraine passed a law for accepting bitcoin which clearly refers to legalizing bitcoin. Two are different things.
Imposing a tax on bitcoin also requires more money to be spent on this sector. Govt needs to track trader's records, transactions, and profits and losses. This consumes money and time too and is a decentralized cryptocurrency it makes things even harder. Recently India impose a 30% tax on every crypto asset and an investigation shows more than 700 Indian traders who made more than 40 lack INR which is equivalent to $52000+ USD worth of money didn't report about their earnings. That means they just simply want to avoid tax and just think how many more haven't been caught yet. Now implementing law and order to these people won't be easy.
March 25, 2022, 06:52:26 PM
When new county had legalization of crypto again and again.It automatically increased the number of investors in the bitcoin.Now the market is green with good pump in most of the coin,may be this is the reason for the flow of crypt to the new country.So the demand was created and automatically increased the price of bitcoin.
Actually there are several factors or sentiments which do really possibly make out some effect on this current rise.1. Legalization of Bitcoin on some countries
2. Russia considers Bitcoin for exportation of oil gasses etc.
and so on...
Its true that whenever theres some rumors or news about legalization then it would always leave out that positive impression or feeling.
March 25, 2022, 03:26:04 PM
When new county had legalization of crypto again and again.It automatically increased the number of investors in the bitcoin.Now the market is green with good pump in most of the coin,may be this is the reason for the flow of crypt to the new country.So the demand was created and automatically increased the price of bitcoin.
March 25, 2022, 03:06:16 PM
Malaysia is showing how interested they are, while for some countries like Thailand. They've became stricter when it comes to banking accounts related to cryptocurencies.
If it's about encouragement, there goes Japan and Philippines. But if the topic is all about legal tender, I don't see those two countries doing the same but they're good in legalization of crypto and there's no ban with it. Countries that do see the future with crypto have an understanding how it will impact their little citizens that don't have much in life. Because crypto as an investment, it is growing and if they'll look at the data of the history, certainly it's good to consider legal.
If it's about encouragement, there goes Japan and Philippines. But if the topic is all about legal tender, I don't see those two countries doing the same but they're good in legalization of crypto and there's no ban with it. Countries that do see the future with crypto have an understanding how it will impact their little citizens that don't have much in life. Because crypto as an investment, it is growing and if they'll look at the data of the history, certainly it's good to consider legal.
March 25, 2022, 02:44:43 PM
If Malaysia does have this grand plan we will see it as a very good breakthrough. This is indeed still a proposal, but I hope that this proposal can be a bright point where this Asian country has the initiative to grow its finances by legalizing payments via Bitcoin. It is certain that Malaysia is a country that has great potential and encourages better economic growth.
March 25, 2022, 02:05:19 PM
You combined several incorrect things, El Salvador considered Bitcoin a legal currency like USD, but what Ukraine, Malaysia did is just adopt Bitcoin as a legal currency, which means:
Imposing a ban on these currencies means that the government will spend more money to track traders, and this will not bring them any additional income.
Regulation is for economic reasons, which is different from considering it a legal currency
- They can generate additional income by imposing taxes on those crypto.
- They can generate income by providing licenses to the platforms.
- They can generate additional income by providing the service of converting cryptocurrencies to local currency.
Imposing a ban on these currencies means that the government will spend more money to track traders, and this will not bring them any additional income.
Regulation is for economic reasons, which is different from considering it a legal currency
March 25, 2022, 01:42:32 PM
Regardless of whether the proposal will be taken seriously and brought to the fore for consideration by the Malaysian government. But I just need a reference that you should put in a credible thread maybe because if it is only a cursory news and it is difficult to identify the validity of the news then it will be very difficult to discuss further. Because this is a policy issue that will have a big impact in the end, not only from one side.
March 25, 2022, 12:27:30 PM
You need to understand the fact that these governments have their own ulterior motives behind legalising BTC and other cryptocurrencies, but it's still better than banning cryptocurrencies altogether.
If Malaysia does end up legalising them, they will definitely enforce regulations just like other countries like India etc in order to benefit from them.
If Malaysia does end up legalising them, they will definitely enforce regulations just like other countries like India etc in order to benefit from them.
March 25, 2022, 12:05:19 PM
Quote
Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
First el Salvador make bitcoin a legal tender later Ukraine passed a law for accepting bitcoin now Malaysia. Legalizing bitcoin is more significant than the first two countries because of its economical power. Govt said that they are trying to increase youth participation in the crypto industry. Till now it's just a proposal to the govt. Do you really think govt will legalize bitcoin and other cryptocurrencies? we have seen in an Asian country like India govt implies unreasonable tax to discourage people to invest in crypto. Malaysian crypto policy will encourage other Asian countries to legalize crypto or lift unreasonable tax to encourage youth to participate?
or positive.It would really be just good to look at if there's a country that does have positive views and possibilities about making it legal or totally followed on what El Salvador had done.
We wont know until it would be finalized, it isnt surprising that there would be some rumors but as long it isnt really that finalized then it is just stay as a rumor.
You are right about it because Ukraine is another county that has recently legalized bitcoin and other crypto assets in their country by expecting crypto investors and companies to bring capital to their country. But Malaysian govt is expecting to expand opportunities for their youth by legalizing crypto in their country. Both countries have different approaches and view here. One sees it as a way to boost their economy and another sees it as an opportunity to strengthen their future generation.
March 22, 2022, 12:40:05 PM
I don't think so, Malaysia is still not certain to legalize crypto. This discussion is serious, but there has been no final decision on legalizing bitcoin. so it's just a discussion. it could take a few more years to get approved, and maybe in the end this plan was rejected. so I doubt that this plan will be a link for bitcoin adoption in Asia specifically SEA.
It is still in the form of bill and open for discussion but it is encouraging to hear Malaysia is thinking towards that after Vietnam has not really made actions into their word to adopt bitcoin. Malaysia economy is on the positive and measuring with other Asian countries and with this if possible it will add to trade flexibility in the country and more investors can find it a ground for growing their money.
March 22, 2022, 12:28:04 PM
From an economic perspective, Malaysia is in the top 3 in Southeast Asia according to Wiki. And this may be one that supports the opinion that Malaysia has quite an influence on Asian countries, especially Muslim-populated countries. But for now, it would be fortunate if this proposal would become a concept for the next parliamentary consideration. I remember that crypto was slightly tarnished in the country because of the electricity smuggling case by bitcoin miners last year (iirc).
March 22, 2022, 10:23:00 AM
if you look at the political situation in the country, i am pessimistic that this law will pass in the malaysian parliament ... especially in some areas that hold strongly to the shari'a. moreover, the one who proposed this was the minister of communications, not the minister of finance of malaysia directly
... even if this reference is passed by parliament, there will definitely be many changes to adjust the regulations there
... even if this reference is passed by parliament, there will definitely be many changes to adjust the regulations there
yes you are right, this is very difficult to legalize. there may be many who will reject it rather than agree. if this is a proposal from the minister of finance, there may be hope, but in fact it is not like that. So hard to legalize, I doubt even this plan goes to the stage of serious discussion. I think Malaysia and other Asian countries especially Southeast Asia are still difficult to adopt bitcoin, unless the big countries have adopted it first.
March 22, 2022, 10:12:39 AM
Quote
Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
First el Salvador make bitcoin a legal tender later Ukraine passed a law for accepting bitcoin now Malaysia. Legalizing bitcoin is more significant than the first two countries because of its economical power. Govt said that they are trying to increase youth participation in the crypto industry. Till now it's just a proposal to the govt. Do you really think govt will legalize bitcoin and other cryptocurrencies? we have seen in an Asian country like India govt implies unreasonable tax to discourage people to invest in crypto. Malaysian crypto policy will encourage other Asian countries to legalize crypto or lift unreasonable tax to encourage youth to participate?
or positive.It would really be just good to look at if there's a country that does have positive views and possibilities about making it legal or totally followed on what El Salvador had done.
We wont know until it would be finalized, it isnt surprising that there would be some rumors but as long it isnt really that finalized then it is just stay as a rumor.
March 22, 2022, 10:00:08 AM
I don't think so, Malaysia is still not certain to legalize crypto. This discussion is serious, but there has been no final decision on legalizing bitcoin. so it's just a discussion. it could take a few more years to get approved, and maybe in the end this plan was rejected. so I doubt that this plan will be a link for bitcoin adoption in Asia specifically SEA.
March 22, 2022, 02:29:48 AM
This is one of the good news i've seen about Malaysia their way to treat Bitcoin, I don't imagine like Malaysia has a very positive idea, want to legalize and adopt crypto especially Bitcoin.
Indeed, Malaysia cannot be underestimated in terms of economic growth for its citizens, no wonder many foreign jobs from various countries want to try their luck in the neighboring country, If the prime minister of Malaysia approves the proposal from the parliament of the Ministry, I am very sure that Indonesia, Singapore and several other neighboring countries such as Taiwan, Philippines will also do the same thing as did the Malaysian government.
I believe that in the future Bitcoin will become one of the digital assets that must be used by the public for transactions for countries that want to progress from an economic perspective, this is a policy that should be supported for good.
Indeed, Malaysia cannot be underestimated in terms of economic growth for its citizens, no wonder many foreign jobs from various countries want to try their luck in the neighboring country, If the prime minister of Malaysia approves the proposal from the parliament of the Ministry, I am very sure that Indonesia, Singapore and several other neighboring countries such as Taiwan, Philippines will also do the same thing as did the Malaysian government.
I believe that in the future Bitcoin will become one of the digital assets that must be used by the public for transactions for countries that want to progress from an economic perspective, this is a policy that should be supported for good.
March 21, 2022, 10:51:22 AM
Quote
Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
First el Salvador make bitcoin a legal tender later Ukraine passed a law for accepting bitcoin now Malaysia. Legalizing bitcoin is more significant than the first two countries because of its economical power. Govt said that they are trying to increase youth participation in the crypto industry. Till now it's just a proposal to the govt. Do you really think govt will legalize bitcoin and other cryptocurrencies? we have seen in an Asian country like India govt implies unreasonable tax to discourage people to invest in crypto. Malaysian crypto policy will encourage other Asian countries to legalize crypto or lift unreasonable tax to encourage youth to participate?
Good initiative but for other countries like ours will have a difficult time on teaching the youth with crypto currencies. They are not similar to the early adults as of now when they were still young and that includes me. They somehow go easy and enjoy life as it is. They don't learn knowledge on their own and do research, they are spoon fed, and believe me or not this is happening till college. Some of them don't even know how to speak English let alone their National Dialect. I don't know what is the reason for this, maybe the food they eat or is it just how society right now is messed up.
2 years have passed with classes being online and I don't even feel their presence of leading the country to greatness, let alone learning stuffs that they are not familiar with, not all the youth of course, but most of them like to rely their asses on their parents money not knowing when it'll end. This is the kind of youth that we currently have here, I am really hoping for the best of them to change.
March 21, 2022, 10:38:17 AM
I think the government does have to understand the fact that even though the youth are the future of the country they still do have to encourage people of all ages to take part in the whole crypto economy.
The government knows that bitcoin is a great asset to adopt as a means of payment but since they are afraid of potential competition with their centralized fiat then I think the government should try their best not to do it sooner before there is a solution to prevent the popularity of fiat from falling due to adoption and increase in bitcoin usage.I also think that the government actually knows that bitcoin will also help the country's economy in the form of taxes. Obviously they have thought of this, but because of bitcoin's decentralization, they should think carefully before making a decision. Of course, things were different for El Salvador in its decision to adopt bitcoin. I think there are some of the most common things that many people know about why El Salvador was bold enough to adopt bitcoin and one of them is the minimal annual remittance rate and does not have its own fiat currency
March 21, 2022, 10:26:11 AM
Quote
Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
First el Salvador make bitcoin a legal tender later Ukraine passed a law for accepting bitcoin now Malaysia. Legalizing bitcoin is more significant than the first two countries because of its economical power. Govt said that they are trying to increase youth participation in the crypto industry. Till now it's just a proposal to the govt. Do you really think govt will legalize bitcoin and other cryptocurrencies? we have seen in an Asian country like India govt implies unreasonable tax to discourage people to invest in crypto. Malaysian crypto policy will encourage other Asian countries to legalize crypto or lift unreasonable tax to encourage youth to participate?
Malaysia is indeed not the first country in Southeast Asia to provide regulations on cryptocurrencies, Vietnam has gone before but I support this to happen so that my country (Indonesia) can imitate Malaysia's policy in regulating and recognizing bitcoin. I'm sure it's not only el salvador that makes malaysia see bitcoin but also the bitcoin donations given to ukraine. moving forward, I see crypto adoption is getting closer.
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