Furthemore, the Deputy Minister at the ministry, Datuk Zahidi Zainul Abidin, indicated to one of the country’s parliaments that they hope the government will authorize and legalize this in order to encourage the use of cryptocurrency among the youth.
The government is also looking into measures to promote young people’s involvement in digital assets according to the deputy minister.
The ministry’s call stems from determining that many youth in that country are interested in NFTs and other forms of crypto technology. The country already has some thriving NFT marketplaces where users can connect a Metamask wallet to mint, buy or sell NFTs.
Legalization can help spur innovation and development widening opportunities for participants from all walks of life.
Other than straight legalization, entrepreneurs across the continent have called on governments to install regulations to govern crypto businesses since a lot of scammers have taken advantage of the new technology to scam gullible residents.
The call by the Malaysian ministry therefore is something that African governments should have their ears out to as well.