Malaysia Has No Plans To Accept Bitcoin As Legal Currency.

Datuk Mohd Shahar Abdullah, Malaysia’s Deputy Finance Minister I, rejected speculations of Bitcoin acceptance earlier today, stating that the nation has no intentions to make the largest cryptocurrency legal tender.

He thinks that Bitcoin cannot be used as a viable payment method owing to restrictions such as volatility.

Earlier this week, Zahidi Zainul Abidin, deputy minister of Malaysia’s Communications and Multimedia Ministry, spoke in favor of Bitcoin becoming legal tender. According to the high-ranking government official, such a step would include more young people in crypto. However, it is now evident that his argument is not being taken seriously by the Ministry of Finance.

Despite its opposition to Bitcoin, Malaysia has lately begun work on “Project Dunbar,” which would leverage various central bank digital currencies for international payments.

Malaysia’s rejection comes only one day after Honduras’ Central Bank vetoed plans to make Bitcoin legal tender. It was forced to release a statement in response to unfounded rumors that circulated on Twitter earlier this week. Nonetheless, Honduras, like the majority of other nations, will continue to consider building its own CBDC.

The two denials are terrible news for those who hoped that El Salvador’s historic decision to accept Bitcoin as legal tender would set off a chain reaction. So yet, no other country has followed its lead.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News