[{"data":1,"prerenderedAt":108},["ShallowReactive",2],{"/blog/parliament-crypto-legal-tender-debate-2022":3},{"id":4,"title":5,"author":6,"authorPic":7,"body":8,"category":97,"coverPics":18,"date":98,"description":99,"extension":100,"meta":101,"navigation":102,"path":103,"seo":104,"stem":105,"type":106,"__hash__":107},"blogs/blog/parliament-crypto-legal-tender-debate-2022.md","Crypto as legal tender? Parliament says no — but the debate says plenty","Malaysia Blockchain Association Team","https://api.dicebear.com/7.x/avataaars/svg?seed=mba-team-3",{"type":9,"value":10,"toc":88},"minimark",[11,19,22,30,35,42,46,49,54],[12,13,14],"p",{},[15,16],"img",{"alt":17,"src":18},"Regulatory file","/img/blog/gen/parliament-crypto-legal-tender-debate-2022.svg",[12,20,21],{},"For one week in March, Malaysia debated becoming the next El Salvador. It didn't last.",[12,23,24,25,29],{},"On 21 March in the Dewan Rakyat, Deputy Communications and Multimedia Minister ",[26,27,28],"strong",{},"Datuk Zahidi Zainul Abidin"," proposed that Malaysia adopt cryptocurrency as legal tender to \"increase the youth's uptake\" — pointing to young Malaysians' activity on NFT platforms, with one MP citing a local creator who made \"up to RM3.5 million\" from NFT sales. Zahidi conceded the decision ultimately lay with Bank Negara Malaysia and the Securities Commission.",[31,32,34],"h2",{"id":33},"the-finance-ministrys-answer","The Finance Ministry's answer",[12,36,37,38,41],{},"It came quickly, and twice. Deputy Finance Minister I ",[26,39,40],{},"Mohd Shahar Abdullah"," had already told Parliament on 3 March that cryptocurrencies are not recognised as legal tender. Today he formally ruled out adoption: cryptocurrencies like Bitcoin \"are not suitable for use as a payment instrument\" due to price volatility and exposure to cyber threats.",[31,43,45],{"id":44},"reading-the-room","Reading the room",[12,47,48],{},"The association's take: the outcome was never in doubt — BNM's position on legal tender has been consistent since 2014. What's notable is where the conversation is happening. Crypto and NFTs are now Dewan Rakyat material, championed (however clumsily) as a youth economic opportunity. The policy question worth asking was never \"legal tender or not\" — it's how Malaysia builds regulated rails for digital assets while the neighbours compete for the same builders. That race is very much on.",[50,51,53],"h3",{"id":52},"references","References",[55,56,57,67,74,81],"ul",{},[58,59,60],"li",{},[61,62,66],"a",{"href":63,"rel":64},"https://www.thestar.com.my/news/nation/2022/03/21/comms-ministry-proposes-adopting-cryptocurrency-as-legal-tender",[65],"nofollow","The Star — \"Comms Ministry proposes adopting cryptocurrency as legal tender\" (21 Mar 2022)",[58,68,69],{},[61,70,73],{"href":71,"rel":72},"https://www.malaymail.com/news/malaysia/2022/03/21/communications-ministry-moots-recognition-of-cryptocurrency-as-legal-tender/2048600",[65],"Malay Mail — legal tender proposal coverage (21 Mar 2022)",[58,75,76],{},[61,77,80],{"href":78,"rel":79},"https://www.bloomberg.com/news/articles/2022-03-21/malaysia-should-adopt-crypto-as-legal-tender-ministry-says",[65],"Bloomberg — \"Malaysia should adopt crypto as legal tender, ministry says\" (21 Mar 2022)",[58,82,83],{},[61,84,87],{"href":85,"rel":86},"https://www.thestar.com.my/tech/tech-news/2022/03/25/malaysia-rules-out-adopting-cryptocurrency-as-legal-tender",[65],"The Star — \"Malaysia rules out adopting cryptocurrency as legal tender\" (25 Mar 2022)",{"title":89,"searchDepth":90,"depth":90,"links":91},"",2,[92,93],{"id":33,"depth":90,"text":34},{"id":44,"depth":90,"text":45,"children":94},[95],{"id":52,"depth":96,"text":53},3,"News","2022-03-24","A Communications Ministry proposal to adopt cryptocurrency as legal tender is shot down by the Finance Ministry within days, with Deputy Finance Minister Mohd Shahar citing volatility and cyber risks.","md",{},true,"/blog/parliament-crypto-legal-tender-debate-2022",{"title":5,"description":99},"blog/parliament-crypto-legal-tender-debate-2022","blog","eFW0Yk2F9pmpY2ZercuD-C91cPfCxWYyoPYuiZQ3UVo",1784183600103]