Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low

Malaysia’s finance ministry says both domestic and global adoption rates of cryptocurrencies are low, notwithstanding the significant attention the disruptive sector has garnered.

In its Economic Outlook 2020 report released today, the ministry nonetheless noted that several prominent firms in key economic sectors had taken steps toward digital currency adoption, according to a business news report from Bernarama on Oct. 11.

Malaysia’s crypto regulatory landscape to date

“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.

The ministry has urged global authorities to formulate frameworks to tackle the issues raised by digital assets, noting that close monitoring of the sector’s development is essential.

The report took stock of domestic financial regulators’ work thus far,…