Malaysia's deputy finance minister bashes cryptos as means of payment - Bloomberg

“Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” such as price volatility and cyber threats, Bloomberg reported, citing Deputy Finance Minister I Mohd Shahar Abdullah in parliament Thursday. His remarks come just days after Deputy Minister of the Communications and Multimedia Ministry Zahidi Zainul Abidin urged the government to adopt Bitcoin (BTC-USD) and other digital tokens as legal tender. Meanwhile, “the growing technology and payment landscape have prompted the Bank Negara Malaysia to actively assess the potential of banks’ digital currency central or the central bank’s digital currency,” Mohd Shahar noted. Looking at intraday crypto price action, bitcoin (BTC-USD +4.4%) is breaking out of $44K and ethereum (ETH-USD +5.0%) is jumping to $3.11K. On Wednesday, Thailand blocked the use of cryptos as a means of payment.