Malaysian Lawmakers Call For Bitcoin Legalization - BitcoinEthereumNews.com
Malaysias Ministry of Communications and Multimedia has called on its federal parliament for the legalization of Bitcoin and cryptocurrencies, and the country will possibly relegate oversight on the matter to its central bank. According to an initial report from Bloomberg, the call came from an address to the lower bicameral branch of federal Malaysian legislature (Dewan Rakyat) delivered by Zahidi Zainul Abidin, Malaysias deputy minister of The Ministry of Communications and Multimedia (K-KOMM). “We hope the government can allow this. We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them,” Zainul said. “This is something that the youth are venturing into and we have to be able to provide a level-playing field for them,” the deputy minister adds. According to Zainul, the current regulatory status of Bitcoin and cryptocurrencies in general for Malaysia remains largely unclear, hence the urgent need for legislative reform to accommodate changes in such a rapidly developing space. These statements from Zainul were made in response to questions presented by Syed Ibrahim Syed Noh, who represents Ledang as Member of Parliament (MP). Syed questioned the Malaysian governments perspectives on non-fungible tokens (NFTs), given the rise of NFT trades