The Malaysian Ministry of Communication has asked the country’s administration to adopt cryptocurrencies for specific use cases to promote youth economic input.
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The deputy minister Zahidi Zainul Abidin has told the parliament that he hopes the government can accept the proposal, also drawing attention to the non-fungible tokens.
Abidin thinks that the adoption will be important in fostering youth participation in cryptocurrencies and will assist them in playing a vital role in the economy. He reiterates the commitment of his ministry to boosting the involvement of the youth in the sector.
The deputy minister says that the financial regulatory agencies, including the central bank and the Securities Commission, have the mandate to decide on the matter.
Malaysia’s finance ministry termed cryptocurrencies as illegal at the start of the month. The institution added that the asset class had no money characteristics. Security risks and volatility were some of the reasons for the stance.