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Malaysian SC Shariah Advisory Council Praises Crypto’s ‘Great Potential’
Summary: The Malaysian Reserve reported Dr. Modh Daud Bakar, the Securities Commission Malaysia (SC) Shariah Advisory Council chairman, as saying that crypto has great potential but adoption in the country faced challenges from a lack of understanding about the asset class. Speaking at the SCxSC Fintech Conference 2020 in Kuala Lumpur, he said that only 2% ...
The Malaysian Reserve reported Dr. Modh Daud Bakar, the Securities Commission Malaysia (SC) Shariah Advisory Council chairman, as saying that crypto has great potential but adoption in the country faced challenges from a lack of understanding about the asset class.
Speaking at the SCxSC Fintech Conference 2020 in Kuala Lumpur, he said that only 2% of Malaysians have any knowledge about cryptocurrencies. Bakar said because crypto was not considered legal tender under religious law, it can be treated as a commodity.
He said: “It is a medium of exchange, and we cannot stop people [from using] commodities as medium of exchange. It is as good as buying an e-ticket or commodities in the market.”
Tags: Crypto,Malaysian,potential
Link: Malaysian SC Shariah Advisory Council Praises Crypto’s ‘Great Potential’ [Copy]
