The government of Malaysia is excited to follow in the footsteps of El Salvador, which madeBitcoin legal tender.
Despite less-than-stellar results shown by their international cohort, governments around the world are still very much showing interest in adopting cryptocurrencies.
The deputy minister of communications and multimedia, Zahidi Zainul Abidin, hopes that the government will allow the use of the virtual currency.
The central bank and Securities Commission of Malaysia are in charge of the decision to accept Bitcoin as an official currency.
All businesses in the country were required to accept the virtual currency last year.
The roll out has been a complete disaster. According to a recent government survey, the majority of businesses never bothered to accept thecryptocurrencies.
It's not clear whether Malaysia would fare any better. There is a lot of anti-Bitcoin sentiment in the country. Last year, Malaysian law enforcement seized 1,069 mining rigs before crushing them all with a steamroller.
The local police chief told The Star that three houses were demolished due to illegal electricity supply connections.
The token's extreme volatility would be used to argue against any sane version of economic policymaking bringing it into a sovereign economic fold. It's not out of the question given the groundswell in enthusiasm for the token and the fact that it's going public.
The Malaysian Ministry is proposing a legal tender for cryptocurrencies.
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