Malaysian Minister Proposes Making Bitcoin Legal Tender

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Malaysia’s Communication Ministry has proposed to the government that bitcoin be adopted in the country. Responding to questions in Parliament on Monday, deputy minister Zahidi Zainul Abidin said “We hope the government can allow this.”

Henry Chong, CEO of Malaysia’s Fusang Exchange told Forkast News that this was a clear sign of a commitment to the future. “We’ve obviously always believed that Malaysia is really at the forefront of thinking about digital assets, but also about how to properly regulate these things”, he said. He sees making bitcoin legal tender as an important first step in that process.

The statement follows recent studies by the central bank to assess the potential benefits. Bank Negara Malaysia told Bloomberg back in January that it is “actively assessing the value proposition of a central bank digital currency (CBDC) to Malaysia,”

In his statement to Parliament, Zahidi said “We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them.” but went on to point out that Cryptocurrency falls under the purview of the country’s central bank and Securities Commission.

Beware Wolves In Sheep’s Clothing

So we should celebrate a little but remain wary. The push for central bank digital currencies is the bankers’ attempt to survive even though technology has rendered them irrelevant in the world. When the automobile was first introduced, it threatened established wealthy people. A law was introduced in the UK and USA that someone must walk along in front waving a red flag to warn people.

It was, of course, “for our own safety”. Likewise, the calls for regulation are to “protect” us from scams and other forms of cheating. If the central banks are studying the “benefits” of something, we can be sure they are not looking for benefits to us, no matter what they say. The biggest money-launderers on the planet are certainly not “anti-money-laundering”. Something else is going on.

Ultimately, as people came to understand the benefits for them of the automobile, they quickly saw the ludicrousness of the red flag laws, and they were repealed. The legislation that the bankers impose on bitcoin will most likely remove the advantages for us just like the red flag laws. It’s up to the people whether the same thing happens to any anti-bitcoin laws.

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