“However, BNM will continue to actively assess the potential of CBDC to achieve public policy objectives,”<\/em> he said during\u00a0a question and answer session at the Dewan Rakyat today.<\/p>\n\n\n\n Yamani Hafez was responding to a question from Lukanisman Awang Sauni (GPS-Sibuti) who wanted to know the government’s strategy in ensuring that Malaysians, especially youths, were not left behind in understanding blockchain technology,\u00a0its stance on the use of cryptocurrencies\u00a0in daily transactions, and\u00a0the initiatives to process its\u00a0own cryptocurrencies (stablecoins).<\/p>\n\n\n\n The deputy minister said the rapidly changing payment and cryptocurrency landscape has prompted the central bank to assess the appropriateness of issuing CBDC.<\/p>\n\n\n\n “CBDC is a digital payment instrument issued by a\u00a0central bank and it is being explored and studied by various central banks in the world,”<\/em> he said.<\/p>\n\n\n\n Yamani Hafez said among the government’s initiatives to\u00a0ensure Malaysians, especially youths, were not left behind in understanding blockchain technology included the\u00a0hosting of the annual FinTech SCxSC Conference by the Securities Commission Malaysia (SC) for eight years\u00a0since 2014.<\/p>\n\n\n\n \u201cThis year, the SCxSC Conference was held from Oct\u00a026 to 28, 2021. Of the attendees,\u00a060 percent belonged to the youth group aged 35 and below.<\/em>“<\/p>\n\n\n\n “In the financial sector, the first application of blockchain technology\u00a0is in cryptocurrencies or digital currencies such as Bitcoin,”<\/em> he said.<\/p>\n\n\n\n On the government’s stance on the use of cryptocurrencies\u00a0in day-to-day transactions, he said digital assets could be issued by companies for fundraising purposes, but it was also subject to issuers meeting the conditions set by the SC as provided under the\u00a0Capital Markets and Services\u00a0(Prescription of\u00a0Securities) (Digital Currency and Digital Token)\u00a0Order 2019.<\/p>\n\n\n\n As for\u00a0the use of cryptocurrencies\u00a0for the purpose of payment,\u00a0he said cryptocurrencies\u00a0such as Bitcoin and Ethereum were not recognized as legal tender currencies\u00a0in Malaysia and were not a payment instrument regulated by BNM.<\/p>\n\n\n\n “Cryptocurrencies are\u00a0not suitable to be used as a payment instrument as the\u00a0currencies\u00a0do\u00a0not show the universal characteristics of money,”<\/em> he said.<\/p>\n\n\n\n In general, he said cryptocurrencies were not a good store of value and a medium of exchange due to the risks of\u00a0cryptocurrencies being vulnerable to volatile price fluctuations and exposure to cyber threats, and lack of scalability.<\/p>\n\n\n\n NMT<\/a> as reported by Bernama<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" KUALA LUMPUR, Dec 15 — Bank Negara Malaysia (BNM)\u00a0has no\u00a0immediate plan\u00a0to issue Central Bank Digital…<\/p>\n","protected":false},"author":1,"featured_media":12684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[524],"tags":[],"class_list":["post-12683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nation"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41-300x162.png",300,162,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png",590,319,false]},"author_info":{"info":["Editor"]},"category_info":"Nation<\/a>","tag_info":"Nation","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/12683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12683"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/12683\/revisions"}],"predecessor-version":[{"id":12685,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/12683\/revisions\/12685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/12684"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"central](\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-13.00.41.png\")
<\/figure><\/div>\n\n\n\n