Is cryptocurrency a legal tender in Malaysia? Cryptocurrencies will not become legal tender in Malaysia, the country’s deputy finance minister said Thursday (March 24). As Bloomberg reported, Minister I Mohd Shahar Abdullah told Malaysia’s parliament that there were too many limitations on digital currencies such as bitcoin to use them as a payment instrument.
Is cryptocurrency accepted as legal tender? Crypto will now be accepted for tax payments, and can be used to settle private transactions across the country, Zacko said. So the move is more like a country legalizing crypto use in financial markets than explicitly elevating bitcoin (BTC) or other cryptocurrencies as “legal tender.”
Which country has given legal tender to cryptocurrency? The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year.
Does Malaysia support crypto? Malaysia is among the latest countries that have rolled out a framework to regulate cryptocurrencies such as Bitcoin. The country now recognizes cryptocurrencies as securities, so they will now be regulated by the Malaysian Securities Commission.