Malaysian Ministry proposes cryptocurrencies as legal tender? - page 2.

UserU

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Quote from: fuguebtc on March 21, 2022, 12:16:24 PM

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.
Deputy Minister Zahidi Zainul Abidin predicts crypto will be the financial industry in the future, so he wants the government to approve this proposal soon to attract young people to participate in crypto more to boost the economy of Malaysia.

Trading, probably. In daily usage, near-zero as eWallets/ QR payments triumph there.

nullama

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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.

stompix

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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.

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. 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

Quote from: fuguebtc on March 21, 2022, 12:16:24 PM

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.

Two years from now on Indonesia will have 208% Philippines 356% and Nepal no less than 1001%.

ChiBitCTy

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Quote from: cheezcarls on March 21, 2022, 10:07:50 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?

Lol why do you say “Okay this is getting out of hand” ? What’s wrong with this? Personally I think this is a great thing that’s only giving bitcoin more positive exposure and use cases. I think giving its citizens a second option is a smart thing by the government. This can help its citizens prosper, so why not make it legal tender?

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Quote from: tyz on March 21, 2022, 10:16:29 AM

Quote from: cheezcarls on March 21, 2022, 10:07:50 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??

It is not only Malaysia, but also Mexico [1] and Ukraine (at least plans before the war) want to introduce Bitcoin as an official means of payment. There are certainly other countries that have recognized the advantages and just haven't made it public yet.

[1] https://www.cityam.com/mexico-being-lined-up-as-next-nation-for-full-bitcoin-adoption/

more and more countries are planning to make bitcoin legal. Malaysia, Mexico, and Ukraine are among the countries currently discussing this. I also heard India also wants to try. The last information I know, they want to charge a pretty high tax, but that's just a discussion, and they haven't made a decision.

this proves that bitcoin is starting to make its way to wider adoption.

Wexnident

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I don't take loans, ask for sig if I ever do.

it's just the start, though I honestly think we'd see more updates with this until at least a year or two. It seems like it was only talked about as an answer to a question, a passing thought so to say imo. There's probably still going to be a lot of talks and stuff that they would need to do before deciding anything else. Still, I think it should develop rather positively, I don't think putting it out as a legal tender would bring any actual negatives whatsoever to them.

Fundamentals Of

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Not yet out of hand. There's only one country where Bitcoin is accepted as legal tender.

It is always better if Bitcoin is accepted legally across the world. It would become the only truly global currency. Any Bitcoin user doesn't have to convert into another local currency every time he travels anywhere in the world and spends money. He will also make savings out of fiat currency exchange spread. So I always support countries adopting Bitcoin as a legal tender. But even if not a legal tender for as long as Bitcoin is accepted as a currency and a form of payment then it will be all right.

verita1

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It would certainly be good news if the Malaysian Parliament approves bitcoin as legal tender in the country. Although I still remember how they destroyed some bitcoin mining equipment as DdmrDdmr has shared.

But giving an opinion about it according to Chainalysis 2021 Global Crypto Adoption Index. Malaysia occupies the ranking number 23 and very well the population can take the adoption. These statistics come as a result of various metrics and methodologies based on how we use bitcoin and cryptocurrencies, which I think our P2P activities are revealing.

TribalBob

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when a proposal is submitted only a hope is there, not a certainty, because this is just a positive discourse,
if it is true that malaysia will be the first asia state to legalize trading with btc, hopefully there will be an asian state that makes btc trade legal like malaysia

Yaunfitda

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Quote from: cheezcarls on March 21, 2022, 10:07:50 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???

I don't think, that we should all be surprised that a lot of countries are making bitcoin legal tender. El Salvador has set precedent already, now it's time for some Asian countries to follow. And the thing is, many countries still developing nation could benefit from it.

Quote from: cheezcarls on March 21, 2022, 10:07:50 AM

What are your thoughts about this guys?

This is a welcoming news and again, there could be more crypto friendly nation that might go to this route and who knows, in the next 5-10 years, bitcoin will be over the globe, from Africa to Asia.

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I don't know if it's true or fake, but I don't see what the big deal is. Gradually the whole world from Europe and Asia to South America is starting to accept bitcoin in one way or another, some legally, some not so much. Especially Malaysia has long been known for its loyal attitude to cryptocurrencies. Interestingly, in the last year, many countries have officially declared bitcoin as a means of payment.

qwertyup23

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Quote from: cheezcarls on March 21, 2022, 10:07:50 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?

Like what I mentioned to similar posts like these, the move that El Salvador did will definitely cause a chain reaction where other countries would soon follow this trend. It is just inevitable the dominance of cryptocurrencies in the market. Sooner and later, countries would start to adapt it into their finances to the point that they would slowly integrate it into their transactions.

The fact that the Malaysian Ministry proposed such idea speaks a lot about the future of cryptocurrencies in our payment and transactions. I just hope that more countries would soon follow this step as this is indeed the future of our payments.

DdmrDdmr

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This is currently seemingly more of an idea than anything else. I tried to find something closer to the source of the information, and found these local articles:

https://www.thestar.com.my/news/nation/2022/03/21/comms-ministry-proposes-adopting-cryptocurrency-as-legal-tender
https://www.hmetro.com.my/mutakhir/2022/03/823331/k-komm-gesa-penggunaan-mata-wang-kripto-dibenarkan

The first one is in English, and indicates that the comment was originated as an answer to a supplementary question on the government’s stand on trading NFTs.

Quote

"We hope the government will allow and legalise this so that we can increase the youth’s uptake of cryptocurrencies," he said.

The "legalise this", according to the first of the articles is in the provided context of NFT platforms. There is also a non-quoted part of the article that references "increase the youth’s involvement in digital currencies as it is the future of finance".”

From the above, I don’t see the legal tender shine on the story thus so far.

The second link (in Malaysian) kind of points in the same direction of above, but I don’t fully trust a GT of the article to be absolutely accurate. Nevertheless, it doesn’t seem to reference the concept of legal tender either.

Let’s bear in mind that making cryptocurrency legal tender there is quite a leap from last year’s well known image:

(see https://www.straitstimes.com/asia/se-asia/malaysian-police-steamroll-bitcoin-machines

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Quote from: LFC_Bitcoin on March 21, 2022, 12:47:56 PM

Sounds good to me. We have El Salvador & if you believe the rumours then soon Honduras also. Malaysia is a beautiful country, if they jump on board too it’ll be great. I really wouldn’t mind emigrating to Malaysia. 20 years from now 50% of the world will accept bitcoin as legal tender.

How I wish that the Philippines will be one of the 50% in 20 years from now as we're one of the crypto-friendly countries in Southeast Asia. But that really depends on who will be the next president as elections is coming this May if he or she supports or advocates crypto (like the newly-elected South Korean president who is pro-Bitcoin).

And yes, I agree that Malaysia is beautiful. I've been there twice (2013 and 2019) where I'm exploring Kuala Lumpur, Batu Caves and other attractions. Although that this was just a proposal, but at least it's a small step towards adopting and welcoming Bitcoin and cryptocurrencies in open arms.

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Quote from: rat03gopoh on March 21, 2022, 12:13:47 PM

The consideration of the Malaysian government is not easy, it will follow the population base which is predominantly Muslim. Reflecting on the nearest neighboring country, Indonesia, the ministry of religion has its own law, which is to agree that bitcoin can't be used as currency for Muslims.
Maybe the views of Malaysian religious leaders are different, but I don't expect more.

This is what I am thinking here as well. Malaysia is more than 60% Islam in terms of religion. But anyway, maybe, their government officials have a different take on this. So wondering, is bitcoin going to be almost the same in context with their Malaysian Ringgit? Anyway, this proposal has not yet been approved so it may take years before they finally decide on this matter. We will see in the next couple of years maybe, how they will proceed on this proposal.

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Quote from: LFC_Bitcoin on March 21, 2022, 12:47:56 PM

20 years from now 50% of the world will accept bitcoin as legal tender.

I was just thinking something similar.

I believe that an unstoppable race towards the massive use of Bitcoin has begun. In the previous cycle we had a boom of retail investors, in this we have started seeing the adoption by companies, and the beginning of the states considering it legal to tender. Surely there will be many states reluctant to consider Bitcoin as a legal tender because it is something they cannot control and because if they consider it so, they will lose money in taxes, but countries like El Salvador and the first to join the bandwagon is because they see benefits that exceed these points, such as saving a lot of money remittances fees and the advantage of being among the first to adopt Bitcoin as a legal tender for the attraction of capital that it can bring.

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Sounds good to me. We have El Salvador & if you believe the rumours then soon Honduras also. Malaysia is a beautiful country, if they jump on board too it’ll be great. I really wouldn’t mind emigrating to Malaysia. 20 years from now 50% of the world will accept bitcoin as legal tender.

fuguebtc

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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.
Deputy Minister Zahidi Zainul Abidin predicts crypto will be the financial industry in the future, so he wants the government to approve this proposal soon to attract young people to participate in crypto more to boost the economy of Malaysia.

rat03gopoh

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The consideration of the Malaysian government is not easy, it will follow the population base which is predominantly Muslim. Reflecting on the nearest neighboring country, Indonesia, the ministry of religion has its own law, which is to agree that bitcoin can't be used as currency for Muslims.
Maybe the views of Malaysian religious leaders are different, but I don't expect more.

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It's still a proposal from the Malaysia's communication minister which is just a fraction of decision making in the entire country chances of the adoption still remain slim. It might be a good move if it finally gets implemented adding to the list of bitcoin legalized countries. But this shouldn't be a basis for investment because the news is only in the early phase. It's still a suggestion which can still be declined

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