Cryptocurrency is not a recognised currency in Malaysia and in general, digital assets, are not a good representation of value or a medium of exchange, said Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
However, with the proliferation of digital technology, Bank Negara Malaysia (BNM) is looking into the potential of Central Bank Digital Currency and Distributed Ledger technology, added the Finance Minister.
“BNM is working with the Bank for International Settlements Innovation Hub and central banks in Australia, Singapore and South Africa through the Dunbar Project to study the potential of CBDCs to improve cross-border payments,” said Zafrul.
In other words, Malaysia is considering cryptocurrency controlled by a central bank and blockchain.
He said this while answering a question from parliamentarian June Leow Hsiad Hui from Hulu Selangor in Dewan Rakyat.
She asked if the government would recognise cryptocurrency and non-fungible tokens (NFT).
