Owing to the growing popularity of cryptocurrencies, especially in the younger generation, Malaysia is keen to accept digital assets like Bitcoin as legal tender. The Communication and Multimedia Ministry has proposed that digital currencies be adopted as legal tender to help the younger generation.
Zahidi Zainul Abidin, the deputy minister, told the Malaysian Parliament that the ministry would look into ways to increase the youth’s involvement in digital currencies. He highlighted digital currencies as the future of finance. The government is trying to see how cryptocurrencies can be legalized in an effort to develop youth participation in crypto.
Crypto adoption in the Southeast Asian country, as per Focus Malaysia, is increasing. Digital asset ownership is above the global average of 15.5%. Malaysia ranks seventh out of the 27 countries in the Finder’s latest Cryptocurrency Adoption Index. As of December-end 2021, the crypto ownership rate in Malaysia is 19.9%. It has surpassed Russia and Ghana. It should be noted that Vietnam had the highest crypto ownership rate globally at 28.6%. It was followed by India and Australia, respectively.
The increased pace of crypto adoption in Malaysia is attributed to general awareness. Reports say that 63% of Malaysian adults know what cryptocurrency is. 61% of Malaysians, well above the global average, believe cryptocurrency to be a good investment.
There are at least 300 million cryptocurrency owners globally, as per a recent report by Crypto.com, as of January 2022. This number is expected to reach one billion by 2022-end. The global crypto owners’ population increased by 178% in 2021. It surged from 106 million in January to 295 million in December.