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Malaysia Rules Out Adopting Cryptocurrency as Legal Tender

Cryptocurrency Exchanges as Bitcoin Drops Below $40,000
Photographer: Angel Garcia/Bloomberg

Malaysia has no intention of recognizing cryptocurrencies as legal tender, Deputy Finance Minister I Mohd Shahar Abdullah said in parliament on Thursday.

“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” which include price swings and exposure to cyber threats, he said.