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The Malaysian Ministry of Communications and Multimedia (KKMM) supports cryptocurrency adoption and has called for the government to legalize them.

The deputy communications and multimedia minister, Datuk Zahidi Zainul Abidin, has asked Malaysian regulators to allow some cryptocurrency and non-fungible token (NFT) use cases. According to a story published on March 21 by the local news source Harian Metro.

Following the rising popularity of the bitcoin business among younger Malaysian people, the deputy minister stated that these policies, once adopted, will benefit younger generations. The KKMM is also looking into methods to get more young people interested in the sector, according to Zahidi.

The deputy minister stated that Malaysia’s financial regulators would make any crypto regulatory choices. The Malaysian Securities Commission and the central bank, for example.

On the other hand, the ministry is eager to raise the problem since it believes the crypto industry is the “future business and financial program, especially for young people today,” according to Zahidi.

According to some accounts, Zahidi also advocates that cryptocurrencies be made legal cash in Malaysia. This, however, has yet to be confirmed.

According to Malaysia’s finance minister, Bank Negara Malaysia is also working on introducing a central bank digital currency (CBDC) and other blockchain-related innovations.

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