The finance ministry of Malaysia said that cryptocurrency adoption remains low both domestic and global wise while ignoring the fact that the disruption the sector has caused to other industries as well.
However, the ministry takes note that several major business firms are taking steps in adopting cryptocurrencies according to a news report from Bernarama on Oct. 11.
Malaysia’s Crypto Regulation
“Although the impact of these projects has yet to be felt more widely, digital assets may well emerge as a part of the wider economy or recede into the background as a novelty, depending on the outcome of its usage,” the report is quoted as stating.
Malaysia’s finance ministry encourages global players to formulate frameworks concerning issues related to digital assets while noting that close monitoring is required for the sector’s development.
‘The ministry’s report also noted the Securities Commission’s initial coin offerings public consultation paper and its intentions to introduce formal guidelines in the near future.’
Blockchain Adoption by Government Agencies
Thailand’s Ministry of Finance is implementing blockchain in the government’s administrative processes for better efficiency to serve its citizens.
On Sept 27. a memorandum of understanding (MoU) on adopting blockchain technology was signed between Krung Thai Bank and the agencies under the Thailand Ministry of Finance.
The finance minister added that the move will help in better efficiency to serve its citizens while improving the system infrastructure.
Source: Cointelegraph | Image: focusmalaysia.my