Malaysian Ministry proposes cryptocurrencies as legal tender? - page 3.

molsewid

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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.

Today is far different from a year 2017, what I mean is people don't just easily trusting the news instead they are waiting for the approved resolution or law before they will going to believe it. Yes, I do remember wayback 2017 that this kind of news was been like a very good news that the market price easily affected and fluctuated but now it is totally different. Now, people are going to believe the shill or tweet of rich people like Elon Musk rather than this kind of news..

mk4

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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.

Lucius

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Something seems to have been lost in translation, as some use the term "legal tender" while others translate it as "legal transfer", which of course is not the same thing. If we take a closer look at who the proposal comes from (Communication Ministry), then it is enough to scratch under the surface and find out what the Minister of Finance thinks about it.

Quote from: https://www.protocol.com/bulletins/malaysia-crypto-legal-tender

While Zahidi wants to go full speed ahead on crypto, the country's finance minister — you know, the person who would actually oversee regulations — is decidedly less bullish. Tengku Datuk Seri Zafrul Tengku Abdul Aziz said earlier this month that crypto is not a "good store of value and a medium of exchange" because of its volatility. That isn't exactly a resounding endorsement for the country turning to crypto as legal tender anytime soon, despite Zahidi's desire to assist the crypto-loving youth.

Besides, for those who don't know, Bitcoin doesn't have a good reputation in that country, because some used electricity for mining that they did not pay for.

Quote

Malaysia has recently run into problems with bitcoin mining in the country. Police in the country said bitcoin miners stole about $2 million in electricity during 2020 alone. Stealing power for bitcoin mining is already a prevalent problem in the country, where the practice is illegal.

aoluain

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Much the same as El Salvador before its Bitcoin as legal tender move I know nothing
of Malaysia so I guess they can see a positive way forward for their economy by
following El Salvador's pioneering move.

I recon if this has already reached the public domain a lot of the ground work has already
been done by the relevant government officials and the feel it will get the green light.

romero121

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If this proposal gets signed, then Malaysia will be the first country in Asia to consider bitcoin as legal tender. Compared to many other Asian countries Malaysia have good userbase. This is positive sign on the Asian market. Earlier most of the Asian countries banned the usage of cryptocurrencies and some even made it a crime, and now slowly every country is accepting. Beyond restrictions people continue to use bitcoin and this proposal will make other countries consider of legalizing bitcoin.

tyz

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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??

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/

cheezcarls

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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?

Topic: Malaysian Ministry proposes cryptocurrencies as legal tender? - page 3. (Read 476 times)