Malaysia plans to adopt cryptocurrency as legal tender, legalize NFTs, and encourage young people to participate in the crypto space.

According to a report by "Bitcoin.com," the Malaysian Ministry of Communications and Multimedia has proposed legalizing NFTs to encourage youth participation in the cryptocurrency space. In Malaysia, the crypto industry falls under the purview of the central bank, Bank Negara Malaysia, and the Securities Commission.

The Malaysian Ministry of Communications and Multimedia has proposed the legalization of NFTs to "assist the younger generation actively involved in the cryptocurrency field." Deputy Minister of Communications and Multimedia, Datuk Zahidi Zainul Abidin, stated:

"We hope the government will allow and legalize it to increase the acceptance of cryptocurrency among the younger generation."

He believes that the government should be more open, as more and more young people are showing interest in NFTs (Non-Fungible Tokens). Zahidi Zainul Abidin revealed that the ministry is studying ways to increase youth participation in digital assets.

Reportedly, Zahidi Zainul Abidin initially proposed adopting cryptocurrency as legal tender, but this statement was promptly removed from local reports, and the headline was changed to "Deputy Minister proposes to legalize NFTs and cryptocurrency activities."

In early March, the Malaysian Ministry of Finance had stated that cryptocurrencies like Bitcoin and Ethereum are not suitable as a means of payment or store of value; however, they still serve various purposes and can be considered as an investment asset class.

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