The strong wave of national crypto adoption has traveled as far as southeastern Asia, as Malaysia has revealed plans to embrace and legalize crypto transactions this year.
Prime Minister Datuk Seri Anwar Ibrahim is at the forefront of this innovation. He has discussed at length with the Abu Dhabi Government and Changpeng Zhao, former CEO of the famous crypto exchange Binance, about how to execute the idea and join the crypto trend before it’s too late.
Anwar noted that crypto adoption could have a significant impact on the country. He said:
“We have talked about digital transformation, data centres and artificial intelligence (AI). We now face demands which require us to think about making significant changes.”
Malaysia to Join Crypto Track
According to NST, this is not the first time Anwar has proposed crypto adoption in Malaysia. Moreover, he’s poised to explore blockchain technology following his discussions with crypto-enthusiastic personnel.
Amid his enthusiasm, the pro-crypto Prime Minister is also security conscious. He wants to ensure that Malaysians enjoy maximum protection while transacting with crypto. Thus, he also calls for the country to monitor and regulate on-chain activities. He said, “Ensuring it is regulated could safeguard the people’s interests and prevent leakages.”
Expressing further enthusiasm, Anwar promised to speed up Malaysia’s crypto adoption process immediately after the Treasury, the Securities Commission, and Bank Negara Malaysia study and comply with the technology. Although the country is starting from scratch, he wants to leverage the experiences of others in the field, including Binance and the UAE.
Other Countries Embracing Crypto
Remarkably, El Salvador is taking the lead in promoting national crypto. Since adopting a strategic Bitcoin reserve in 2021, the country has not stopped adding to its stash, which currently stands at about 6,000 BTC. Moreover, in a recent development, the country’s president, Niyab Bukele, revealed plans to install a Bitcoin node in every home this year.
The United States is also set to adopt BTC as a reserve asset following Donald Trump’s inauguration as the 47th American President on January 20. Under his administration, he promised to make America the world’s crypto capital and ensure that the U.S. never sells but continues to acquire at least 200,000 BTC annually.
Meanwhile, market experts and analysts predict a massive price uptrend for BTC in Q1 2025.
