One of the participants of the Ministry of Finance of Malaysia recently made a new statement about cryptocurrency. The statement said that cryptocurrencies could not be used on the territory of the country as a legal method of payment or storage of assets. However, it was clarified that cryptocurrency is an asset in which you can invest. As stated, this decision was made because cryptocurrencies are subject to high volatility as a result of speculation.
The Deputy Minister also expressed his concern about mining, which harms the environment of the planet. It was also suggested to discuss some of the problems of cryptocurrencies, such as fraud, volatility, and its inability to process a really large number of transactions.
Malaysia also continues to identify illegal mining and fraudulent activities with cryptocurrency. In December, more than 1,700 mining machines were eliminated.