Malaysian Ministry proposes cryptocurrencies as legal tender?

jostorres

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Quote from: cheezcarls on March 21, 2022, 09:07:50 AM

You think this is a good idea for Malaysia to make Bitcoin as legal tender after some countries are following the footsteps of El Salvador?

What are your thoughts about this guys?

If I will say this is not a good idea I will be lying and you guys don't want to hear that don't you? Obviously making btc as a legal tender is always a pleasant idea to do for every country because people have already spoken that they love cryptos and to only way to maximize their use is if they can spend it directly.

This is going to be the last thing that people will request to their governments because as of now many governments are still skeptical if they will do it or not. I don't know what they are waiting for when there are already a few countries that proposes this and there is one country (El Salvador) that actually made it happen for real.

suryana

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Trphy.io

This is a pretty interesting topic, how the Malaysian government wants to legalize cryptocurrency as a legal transaction tool in a country based in Southeast Asia. We really hope that this can be realized soon, not just a discourse that has been expressed by several other governments by saying the same thing. the same but this has never been realized until now, moreover Malaysia is a developed country which currently has very rapid economic development I really hope that this can actually happen where bitcoin will become a legal transaction tool there

UserU

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Quote from: Vaskiy on March 28, 2022, 12:37:36 PM

Malaysian Minister Yamani Hafez Musa failed to give something specific that bitcoin and ethereum lacks to be used as a money. Just attributing volatility with ethereum and bitcoin stating these assets doesn't exhibit characteristics of money is simply a way to escape from adoption and support the development of country owned CBDC.

To be blunt, that country is a joke, especially when it comes to adopting new technology.

Red tapes, cronyism, you name it, they have it. Meanwhile neighboring countries like Singapore are hubs of some big names like CDC.

Vaskiy

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Quote from: UserU on March 27, 2022, 01:18:00 PM

Meh, the MOF rejected the proposal over the following reason:

Quote

Malaysia’s Deputy Finance Minister II Yamani Hafez Musa says that crypto is not a suitable method of payment for the country.

“Digital assets such as Bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money,” he said

Source: https://beincrypto.com/crypto-does-not-exhibit-money-characteristics-says-malaysia-deputy-finance-director/

Malaysian Minister Yamani Hafez Musa failed to give something specific that bitcoin and ethereum lacks to be used as a money. Just attributing volatility with ethereum and bitcoin stating these assets doesn't exhibit characteristics of money is simply a way to escape from adoption and support the development of country owned CBDC.

EdenHazard

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Quote from: UserU on March 27, 2022, 01:18:00 PM

Meh, the MOF rejected the proposal over the following reason:

Quote

Malaysia’s Deputy Finance Minister II Yamani Hafez Musa says that crypto is not a suitable method of payment for the country.

“Digital assets such as Bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money,” he said

Source: https://beincrypto.com/crypto-does-not-exhibit-money-characteristics-says-malaysia-deputy-finance-director/

Reasonable enough.

they are taking risk to not take that risk accepting bitcoin as a legal tender. typical developing country, i'm pretty sure if they take that risk ... a dream to become high income country will get realized faster as things get connected with financial technology such cryptocurrency would encourage people to improve their own knowledge/abilities to get in the business and even more inventing a new business model.

buwaytress

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^^^Ah, finally, missed the news where MOF rejected the proposal. Not that I'm siding with them but at least prevented another megalomaniac attempt to distract the government from what really needs reforms (the economy, for starters).

Besides, the ruling party (under whichever guise it wears) cannot, despite decades of Mahathirism, see itself as inviting unfavourable looks from IMF.

suryana

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Trphy.io

this is a very extraordinary thing where the country of Malaysia wants to propose cryptocurrency to be widely circulated in a legal transaction process.I am very sure that the state of Malaysia is one of the tourist destinations visited by many foreigners so it is not a problem. it is impossible that the world will be well received by many, then it can indirectly have a very good impact for the digital currency to continue to be at the peak of the highest popularity in the digital currency

darkangel11

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Quote from: mk4 on March 21, 2022, 10:18:49 AM

Don't get your hopes up too much because this is pretty much just a proposal — whereas obviously there is no guarantee of it getting accepted in the end. Baby steps though, so it's still technically good news.

Funny how news such as this doesn't get the community hyped up as much as it used to back then though lol. If this was in 2017 we'd be up 10% almost instantly.

Same as that Russian proposal to accept Bitcoin as payment for oil and gas. All big decisions start with proposals Wink

A few smart people said last year that it's only a matter of time before countries and big investment funds decide it's a good idea to have 1% in Bitcoin because they can afford to lose 1% but what if that 1% goes up 300% in a year? Also, what if their money gets frozen by a bank just like they froze people's money in Russia and before that in Cyprus. Funds get frozen byt with Bitcoin you can still pay people's wages, you can continue to operate while working on getting your money released. The same with rich people you can get into argument with a bank but it takes time and you could have some urgent expenses. Bitcoin takes care of that.

UserU

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Meh, the MOF rejected the proposal over the following reason:

Quote

Malaysia’s Deputy Finance Minister II Yamani Hafez Musa says that crypto is not a suitable method of payment for the country.

“Digital assets such as Bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money,” he said

Source: https://beincrypto.com/crypto-does-not-exhibit-money-characteristics-says-malaysia-deputy-finance-director/

henmark

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Quote from: cheezcarls on March 21, 2022, 09:07:50 AM

Okay now this is getting out of hand! After El Salvador being the first, to Honduras set to make BTC as legal tender soon, and now this???

This is just a proposal for now, so there’s no official word yet if it’s already official. You think this is a good idea for Malaysia to make Bitcoin as legal tender after some countries are following the footsteps of El Salvador?

Doesn’t seem a bad idea to me as long as the citizens in that county are good with it and are ready for it to be adopted as a legal tender. I have seen some surveys that are being carried out sometimes to get people’s opinion on questions like this.

So, I don’t think that it is a bad idea to have it as a legal tender, but it would be a currency alongside the original fiat that is being used by that country.But there are still people who think that adopting Bitcoin as a legal tender in a country is a pure folly. That’s why I pointed out that before any government goes about doing this, they should be sure about it.

Quote from: Furious 7 on March 23, 2022, 07:49:48 AM

The bitcoin movement is getting more and more widespread and this is certainly very good.
This means now Malaysia will be one of the pioneers if this is indeed approved, especially for those in Asia.
Now many countries have started to support and see that bitcoin is indeed one of the profitable things, so it's not wrong for them to do that because this is something very good to wait for in the future

But sometimes I do worry about this adoption of bitcoin as a legal tender by some countries. It makes me wonder what would be the next step that the government is going to take after they are done with making it a legal tender. Would this be a step towards making bitcoin become centralized?

Yeah, I have seen news about the new strategy that the government might start to apply now, which has been the reason Coinbase CEO has advised cryptocurrency community to make sure that they stick with decentralized wallets. Bitcoin don’t have to be approved by the government before we can make use of it, anyone is free to use it.

Natalim

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Quote from: cheezcarls on March 21, 2022, 09:07:50 AM

Source: https://www.bloomberg.com/news/articles/2022-03-21/malaysian-ministry-proposes-legal-tender-of-crypto-currency

Okay now this is getting out of hand! After El Salvador being the first, to Honduras set to make BTC as legal tender soon, and now this???

This is just a proposal for now, so there’s no official word yet if it’s already official. You think this is a good idea for Malaysia to make Bitcoin as legal tender after some countries are following the footsteps of El Salvador?

What are your thoughts about this guys?

Yes, absolutely. We can see how it becomes realized in El Salvador and their citizens are then accepted so I expect the people from Malaysia will also be glad to finally see Bitcoin has been legalized.

I don't just think that the leader had followed El Salvador but probably, they see the economic help of crypto to the country and their people. I expect this to happen and besides, the majority of the ASIAN countries welcome crypto in their place, and not even hard for them to legalize it since they are already familiar with this.

nullama

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Quote from: tyz on March 24, 2022, 06:15:01 AM

~snip~
Personally, I always wonder how such numbers or surveys are measured in such countries, since many people there live rather rural and poor and many also have no cell phones. Are there any accurate statistics on exactly how crypto currency ownership breaks down? So by strata of the population, age, gender, etc.?

My guess is that in those small countries they only have total population and the number of people registered at local exchanges, or similar things like that. Then they just divide them to get the rough percentage.

There are some stats from the US:

Quote from: https://cheddar.com/media/crypto-investor-white-male-survey-demographic-change

Gemini, a popular cryptocurrency exchange and issuer of a Bitcoin rewards credit card, released a report this month looking at the crypto habits of 3,000 U.S. adults between the ages of 18 and 65, with $40,000 or more in household income.
Within this sample, the report found that the average cryptocurrency owner is a 38-year-old male making approximately $111,000 a year.
In addition, 74 percent of crypto holders are men, and 71 percent are white.

tyz

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Quote from: fuguebtc on March 21, 2022, 11:16:24 AM

Malaysia is a Southeast Asian country with a cryptocurrency ownership rate of 20%, ranking 2nd in the region after Vietnam, accounting for 28% of the population. Currently, bitcoin is also the most sought after and owned crypto in this country.

Personally, I always wonder how such numbers or surveys are measured in such countries, since many people there live rather rural and poor and many also have no cell phones. Are there any accurate statistics on exactly how crypto currency ownership breaks down? So by strata of the population, age, gender, etc.?

titular

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"Stop using proprietary software."

If they are going to implement their law in the same fashion as El Salvador did, I will not be a huge fan.

Let me be clear; I love what El Salvador is trying to do, but what they did was clearly not in regard to the people's interests. In El Salvador, this was a bill that was passed in the dead of night, without the people of El Salvador knowing what was really going on.

If Malaysia intends on making bitcoin legal tender, I hope they do it in a more open and transparent way.

perfect999

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Quote from: nullama on March 21, 2022, 11:45:20 PM

There are other places in which you can pay government services with Bitcoin, here's a list

If you're considering what would be the next country to make it legal tender, then my guess was Tonga, but the recent tsunami might have slowed down that.

El Salvador definitely kick-started the process, now a lot of countries are considering, and watching closely. But until a law is at least written, then there's not much to discuss about it.

The list of countries that accepts bitcoin as a legal tender is slowly growing. Before it was only one country El Salvador but now there are three new additions from your list and there is a new one here in the op. Although the three on your list didn't officially announced that they are now adopting btc as a legal tender, it is still considered because you can now use your btc directly on some service.

Toga is another country that is going to join the list but unfortunately they faced a problem there. No need to hurry though, what they did is right. They first need to prioritize the problem caused by tsunami before proceeding on legalizing btc as legal tender.

YOSHIE

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Quote from: cheezcarls on March 21, 2022, 09:07:50 AM

What are your thoughts about this guys?

Yesterday, if I'm not mistaken in the Economics section I saw about this news, Malaysia will adopt and treat Bitcoin as an asset or digital currency that can make transactions online.

I think the idea, the Malaysian minister's appeal against Bitcoin policy will have a positive impact on the Malaysian people and country, but there is a bad side and a negative for those who are not native Malaysians aka illegal immigrants, I believe if the Malaysian ministry's idea is approved by the Malaysian prime minister, I'm sure many companies in Malaysia will apply Bitcoin payments, it will make it difficult for illegal workers there, As far as I know, the work of workers in companies in Malaysia are mostly illegal immigrants who do not have official permission from the Malaysian government, that's what I'm worried about, it could be that illegal jobs that do not have exchanges licensed by the Malaysian government will be a disaster for them, because one of the conditions for registering on the crypto exchange is KYC, this will be a phenomenon of cutting illegal jobs in Malaysia.

Furious 7

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The bitcoin movement is getting more and more widespread and this is certainly very good.
This means now Malaysia will be one of the pioneers if this is indeed approved, especially for those in Asia.
Now many countries have started to support and see that bitcoin is indeed one of the profitable things, so it's not wrong for them to do that because this is something very good to wait for in the future

Taskford

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Quote from: ?? on ??

to be honest i like the news like this but so much politican people just make voice want to crypto as legal tender and after that just become old news. i want act Grin

or atleast before make crypto as legal tender country need as slowly accept crypto at first place as asset instead of banning the crypto they can make money from make tax from crypto. and from this we can see adoption crypto everywhere

If they are able to make taxes out of crypto money really big profits are theirs right.
But if they turn them into crypto money instead of their money, I don't think it will be possible.
Let's imagine if the value of crypto money dropped like it is today.
How do they pay when the price of the cryptocurrency decreases.
Of course they will be complicated.

Yes this could be another huge source of profit for their country so making it legal is one of the good decision they could ever do because imagine how big the cryptocurrency in terms of marketcap and for sure the benefits they can get out from it is huge to so maybe they should consider that and file a law about adopting it as well the proper education about its usage,scams and other more so that they can launch this to their country more smoothly.

elisabetheva

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there doesn't seem to be an official explanation, but it has only been proposed by the Malaysian Ministry of Communications and Multimedia, which proposes that digital currencies such as cryptocurrencies can be adopted as legal tender. his proposal is to help the younger generation become active users of digital currencies, including on non-fungible token (NFT) platforms.

but this is something progress for the Malaysian state even though it is only a discourse, because previously the country had never recognized bitcoin, as a legal tender issued by the central bank. it means that there is progress at this time, they are willing to accept it because of the situation that made the change, because they have to follow developments.

Of course this will create good news for bitcoin and will add even more good news that will make many investors confident as more and more countries and large institutions accept bitcoin as legal tender.

Lucius

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Quote from: stompix on March 21, 2022, 10:56:03 PM

@DdmrDdmr and Lucius
Same story again, right?
One guy says something about legalizing crypto or a part of crypto trading or something else and the crypto press blows everything out of proportion. Right now I honestly don't know why people are even mentioning FUD for something going wrong when every single day we're bombarded with exaggerations like this, to me the previous FUD seems now more like reality to balance things out.

It seems like something similar to what happened to Tonga and some of their lord who advocated Bitcoin, although I don’t want to claim that both politicians are equally important in their countries. Whether we like it or not, some people will benefit from this kind of news, because for months people have been profiting from "buy low, sell high" in the range of $35k - $45k, and everyone wants something positive to happen since on the one hand we have a war, and on the other hand inflation is just beginning to seriously stifle us.

Quote from: stompix on March 21, 2022, 10:56:03 PM

That aside, I don't agree with example with the mining aspect, even if bitcoin becomes legal tender if somebody is caught stealing electricity the outcome will be the same, the public aversion is towards the miners and in a lot of cases, this happens all over the world in different scenarios.

As for the theft of electricity, there is no doubt - theft is theft no matter what status Bitcoin had in a country. I was thinking more of the general perception of the public because of such events combined with what their finance minister thinks when it comes to Bitcoin. All this together does not seem to be a fertile ground for declaring Bitcoin a legal tender.

Quote from: stompix on March 21, 2022, 10:56:03 PM

Everyone hates coal till their electric bill comes, everyone hates pesticides until they realize nothing is grown in their trees without, and a lot hate Amazon until it's time to buy something and they look at the prices.
I would do that rolling myself if I would catch something doing the same, especially since it hurts my own profits. Grin

I've never bought anything using Amazon, and I don't use any poisons for my personal use in growing fruits and vegetables - and yet I manage to grow healthy vegetables and fruits. There is always an alternative if one makes an effort, but I will not say that this path is easy or cheap.

Topic: Malaysian Ministry proposes cryptocurrencies as legal tender? (Read 476 times)