Cryptocurrency Not To Be Considered 'Legal Tender'; Centre To Treat It Like Stocks & Bonds
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Legal Tender? The Regulation of Cryptocurrencies
Cryptocurrencies will never become legal tender
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Demystifying Crypto: Digital Assets and the Role of Government
Cryptocurrencies not recognised as legal tender in Malaysia, says deputy minister
Useful assets:Although digital assets are not recognised as legal tender, Yamani added
it still has many different usage including as a class asset that can
be invested in
Cryptocurrencies are still not recognised as legal tender in Malaysia as they do not exhibit characteristics of universal money, says Deputy Finance Minister II Yamani Hafez Musa.
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Yamani said cryptocurrencies, also known as digital assets, are also not a payment instrument that is regulated by Bank Negara. `
“Digital assets such as bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money. `
“In general, digital assets are not a store of value and a good medium of exchange. `
“This is due to the state of digital assets which is exposed to volatility as a result of speculative investments,” he said when replying to a question raised by Nurul Izzah Anwar (PH - Permatang Pauh) in Dewan Rakyat on Thursday (March 3). `
Nurul Izzah had asked about the government’s role in monitoring and regulating currency as well as cryptocurrency assets. `
She also asked if the government had any plans to create digital currency taking into account Bank Negara’s involvement in Project Dunbar for international money transfers using blockchain technology. `
In explaining the volatility of cryptocurrency, Yamani said bitcoin hit a peak of US$65,000 (RM272,382.50) in April 2021 but quickly saw a decline of 50% the following week. `
He also said cryptocurrency is exposed to the risk of theft in which statistics from 2011 to 2021 showed that digital assets worth US$12bil (RM50.29bil) have been stolen through cyberattacks and hacking. `
He added that bitcoin is also only able to process 10 transactions per second compared to 65,000 transactions per second on current payment systems such as Visa. `
“Also, what is important is the huge impact on the environment because the electrical power that is used to process one bitcoin transaction can process 1.2 milliob visa transactions. `
In 2020, the bitcoin network used 132 terra-watts per hour which is equivalent to the entire electricity consumption of Argentina,” he said. ` Yamani added that currently, Bank Negara has also not decided to issue a central bank digital currency (CBDC) as the country’s domestic payment systems including the Real-time Retail Payments Platform continues to operate safely and efficiently to support Malaysia’s economic needs and allows real-time digital payments. `
“Additionally, the monetary policy tools and existing finances also remain effective in maintaining monetary stability and the country’s finances,” he said. `
Although digital assets are not recognised as legal tender, Yamani added it still has many different usage including as a class asset that can be invested in. `
As such, he said the Securities Commission (SC) as the market regulator has set digital assets as a security under the law and is responsible to regulate its trading activities.-
China's Bitcoin trading has plunged
to 10 percent of global share from 90 percent, and the country has
effectively curbed the speculation of crypto currency trading as part of
an effortto fend off domesticfinancial risks and restore financial
order, the central bank said on Thursday.
China's State Council Information Office on Monday issued the Report on Human Rights Violations in the United States in 2021. The report said the human rights situation in the US, which has a notorious record, worsened in 2021 as political manipulation led to a sharp surge in COVID-19 deaths, and shooting deaths in the country hit a new record. `
The report revealed that despite having the world's most advanced medical resources, the US has the biggest number of COVID-19 infections and deaths globally. But the US government isn't rethinking its approach and still lacks effective anti-epidemic plans. Instead, it stoked the origins-tracing of COVID-19, and has been keen on passing the buck, shifting the blame and political manipulation. `
The public security situation in the country also deteriorated and violent crimes remained prevalent. There were 693 mass shootings in 2021, up 10.1 percent from 2020. More than 44,000 people were killed in gun violence, according to the report.
US human rights violations in 2021. Graphic: GT
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The report also highlighted the country's growing discrimination against ethnic minority groups, especially people of Asian descent with around 81 percent of Asian American adults saying violence against Asian communities is rising. `
Unilateral US actions created new humanitarian crises across the globe, the report noted. A US drone strike during US' withdrawal of troops from Afghanistan killed 10 members of an Afghan family, including seven children, among which the youngest was only two years old. `
The report pointed out that in 2021, the US public persona of "human rights defender" was totally debunked as the so-called "Summit for Democracy" under the guise of safeguarding human rights became a farce. At the 48th session of the United Nations Human Rights Council, many countries blasted the US for being the "biggest destroyer" of human rights in the world and urged the country to address its own human rights violations. `
It's universally acknowledged that the US has a big human rights problem. The problem is characterized by racial discrimination, the lack of respect for the disadvantaged, the disparity between the rich and the poor, and the number of shooting deaths every year, Li Haidong, professor at the Institute of International Relations of the China Foreign Affairs University, told the Global Times on Monday. `
So when the US talks about human rights issues in other countries, it must have a clear understanding of its own human rights situation, Li urged. But the tragedy is that the politicians in the country always turn a blind eye to US' poor human rights record and pretend to be "teachers on human rights" in the international community, said Li. He added that the US has no qualification and pointed out the fact is that chaos on human rights in other countries and regions have often been brought by the US. `
On the human rights issue, the US should learn to communicate with other countries and regions on an equal footing, instead of imposing its own standards on them, Li urged. `
Chinese observers also criticized the US of weaponizing human rights to smear and attack other countries and regions, saying it is a despicable act.
Since dramatic changes took place in Ukraine, the US, which had repeatedly promised to protect Kiev at critical moments and continued to "add fuel to the fire" of the situation, has once again come into the spotlight. Ukrainian President Volodymyr Zelensky in a video speech complained that Western countries have abandoned Ukraine and left it to defend itself alone. Some Western netizens even asked: Where has the US been which provoked the war and said it "stands with Ukraine?" `
However, has the US really disappeared? On the contrary, it is quite busy gaining more "strategic interests" from the flames of war in Ukraine. The latest remarks by the US on the Ukraine situation released by the White House have underlined two points: First, turning Russia into "a pariah on the international stage" through sanctions and other measures; second, NATO has been "more united and more determined than ever" and this is "good news." `
As for Ukraine, which Washington uses as a pawn, in addition to reiterating that the US wouldn't send troops there, Washington only simply said it "will support the Ukrainian people as they defend their country," and "will provide humanitarian relief to ease their suffering." Washington has once again displayed its selfishness and hypocrisy to the world. People have seen that after the US pushed Ukraine into the fire, it stood aside, pretending to care about the country and saying "I support you, keep fighting!" `
It is fair to say the evolution of the situation in Ukraine until today is a geopolitical tragedy. From the very beginning, it's a bitter result of the US' strategic selfishness and shortsightedness. As early as 1998 when the US Senate approved NATO's eastward expansion plan, the late senior US diplomat George Kennan had foreseen today's tragedy. He said then, "This expansion would make the Founding Fathers of this country turn over in their graves." `
However, the arrogant American elites always think they can profit from crises. For years, the US has incited conflicts, manipulated the situations from offshore and reaped benefits. It is accustomed to be the one who adds the fuel to the fire without paying any cost. What it wants is to realize its instant interests. The US shows no consideration for the suffering of the locals pushed into the forefront. When there is a real crisis, the so-called commitments it initially made will only become empty diplomatic rhetoric. Those politicians don't care about the suffering of local people at all, but attempt to attract attention under the guise of "humanitarianism." `
This reminds people of when it abandoned the former Afghan regime last year, the US also said on multiple occasions it would provide "humanitarian" assistance to Afghanistan. But shockingly, the reality is that the so-called US "humanitarian" assistance hasn't been provided to the Afghan people, but the US carved up the $7 billion in frozen funds that Afghanistan's central bank had deposited in New York. As the culprit of the Afghan issue, after satisfying its own strategic interests, the US only left the locals "an avalanche of hunger and poverty," leading to the severe malnutrition of millions of children in Afghanistan. `
The US often talks about humanity, justice and morality, but what it really does is calculating interests. Washington's strategic selfishness and hypocrisy have been laid bare again and again in international political practices. Reports indicate that at least 37 million people have been displaced in and from Afghanistan, Iraq, Pakistan, Yemen, Somalia, the Philippines, Libya and Syria as a direct result of the wars fought by the US since September 11, 2001. There is even a saying that wherever the US "intervenes," conflicts, chaos and terrorism will appear. `
A country is called a major power not because of how strong its ability to form cliques or to realize its own self-interests is. What matters is its responsibility and ability to safeguard international peace. If a country only cares about its own interests, fuels the flames everywhere and constantly exports chaos to others, no matter how powerful it is, it is inevitable its credibility will go bankrupt and its hegemony will come to an end. `
For countries and regions that still have fantasies or act as pawns of the US, the Ukraine crisis is a good reminder: A "partner" who announces "good news" when you are in difficulties is untrustworthy
This incident and war have given small countries an important
lesson: when they are caught between major powers, they should try to
avoid completely being inclined to one side and helping this side
challenge the other.
The US tries to manipulate the world's opinion on Ukraine
tensions under the guise of “maintaining the rules-based international
order.” Fortunately, more and more countries have realized the US'
shameless purpose of using them to advance its own interests.
Black smoke rises from a military airport in Chuguyev near Kharkiv on February 24, 2022, after Russian President Vladimir Putin announced a military operation in Ukraine. Photo: VCG
The root cause of the sharp confrontation at the global strategic level is the US
`As some local residents began fleeing Kiev early Thursday morning and rushing west while air raid sirens sounded in the Ukrainian capital, fears of war have grown palpably, catching global media attention and sending the world's markets tumbling, shortly after Russian President Vladimir Putin announced a military operation in the Donbas region. `
As world leaders reacted to the quickly escalating Ukraine-Russia crisis, China once again called on the relevant parties to remain restrained and prevent the situation from sliding out of control. `
The situation of the Ukraine-Russia crisis has been changing rapidly over the past 24 hours. Putin on Thursday authorized "a special military operation" in the Donbas region, and Ukraine confirmed that military targets across the country have come under attack, according to the Xinhua News Agency. `
The operation has been described by the Western media such as Reuters and CNN as a "full-scale invasion," and Reuters called it the biggest attack "by one state against another in Europe since World War II." Explosions have been heard in Ukrainian cities including Kiev and Kharkiv, some media reports said, and Russia also closed all flights to and from 12 airports in the south of Russia.
In less than 24 hours, Ukrainian President Volodymyr Zelensky declared martial law in the country and urged Ukrainians to stay home, and he also announced Ukraine had cut diplomatic ties with Russia. An aide of Zelensky also told reporters on Thursday that more than 40 Ukrainian soldiers and around 10 civilians died in the first hours of Russia's invasion of Ukraine, the AFP reported. `
In numerous videos and photos shared by Chinese nationals living in Kiev with the Global Times on Thursday, a heavy traffic jam was seen in the early morning as many local residents fled the city. Some residents started to line up to buy necessities and withdraw money from banks. Chinese Embassy in Ukraine also issued a security alert to Chinese nationals in the morning, asking them to monitor how the situation is evolving, laying out specific issues they should pay attention to in preventing from getting into a dangerous situation. `
In response to the quickly evolving situation, the Chinese Embassy in Ukraine issued two security alerts to Chinese citizens and companies in the country within one day. The embassy said although their work and study had been affected, there were no "waves of panic." `
"Dark day for Europe" was how some Western media and politicians described the situation, and countries including the US, Germany, UK and Australia criticized the Russian government move. The US and its allies are poised to unveil further sweeping sanctions against Russia, with US President Joe Biden calling the military operation an "unprovoked and unjustified attack." `
However, in the eyes of Putin and most Russians, the latest move serves as a counterstrike against the Western squeezing of Russia's security room with extreme measures and a relatively large-scale showdown in wrestling with the US, a view that is also shared by the majority of Chinese. `
"Circumstances require us to take decisive and immediate action," Putin's order read. In an address to the public, the Russian president said he wanted to "demilitarize" and "de-Nazify" Ukraine, Russia Today said. Putin further said, "We have no plans to occupy Ukrainian territory." `
"Demilitarize" could be understood to be putting down arms and surrendering, which can also be understood as incapacitating the opponent and rendering them unable to form a threat in a broader sense, Song Zhongping, a Chinese military expert and TV commentator, told the Global Times on Thursday. `
"As a result, Russia will completely destroy the heavy weapons of Ukrainian troops, including warplanes, tanks and armored troops as well as defense forces, such as air defense missile forces and the navy," Song said. `
Russia announced it has destroyed Ukraine's airfields, air defenses and control systems just a few hours after it launched the military operations. `
"And as we take the measures announced by the president to ensure the security of the country and the Russian people, we will certainly always be ready for a dialogue that will return us to justice and the principles of the UN Charter," Russian Foreign Minister Sergei Lavrov said late on Thursday. `
Yury Tavrovsky, head of the "Russian Dream-Chinese Dream" analytics center of the Izborsk Club, told the Global Times that Russia's military operations in Ukraine are "completely legal." `
Both chambers of Russia's Duma (parliament) had earlier approved recognition of Donetsk and Lugansk as "independent states." The Upper Chamber (the Senate) later approved use of armed forces outside the national borders, Tavrovsky explained. `
The military operation was launched just one day after the US and Europe unveiled what is believed to be just the first round of sanctions against Russian individuals and institutions in response to Putin's signing of two decrees recognizing Lugansk and Donetskas independent and sovereign states. `
As global markets tumbled steeply over the Ukraine-Russia crisis, some raised questions as to why Russia took this step, how the situation will evolve and whether the US will engage in a direct war with Russia. ` Moscow's motivation `
In a phone call with Chinese State Councilor and Foreign Minister Wang Yi on Thursday, Russian Foreign Minister Sergey Lavrov explained the development of the Ukraine situation and Russia's position, saying that the US and NATO violated their commitments by expanding east, refused to implement the new Minsk Agreements, and violated UN Security Council Resolution 2202, forcing Russia to take necessary measures to safeguard its own rights and interests. `
Noting that China has always respected the sovereignty and territorial integrity of all countries, Wang said that China recognizes the complex and special historical context of the Ukraine issue and understands Russia's legitimate security concerns. `
China maintains that the Cold War mentality should be completely abandoned and a balanced, effective and sustainable European security mechanism should be finally established through dialogue and negotiation, Wang said. `
"China believes there should be mutual cooperation and sustainable security, and the reasonable security concerns of all parties concerned should be respected and solved," Hua Chunying, spokesperson of the Chinese Foreign Ministry, said during a press conference on Thursday. ` China hopes all parties will not shut the door on peace, but continue negotiations and try to ease the situation as soon as possible, she said. `
Some Chinese observers said the US has continued its intensive containment of Russia, for example, by implementing more sanctions, finally forcing Russia to try to realize its security demands in this drastic way. `
Russian elites such as Putin and Deputy Chairman of Russian Security Council Dmitry Medvedev believe that the Ukraine issue has reached the point where it must be resolved. `
"I believe Russia's military operation is a reaction by Moscow to Western countries' exertion of pressure on Russia for a long time, showing that Moscow can't tolerate it anymore," Yang Jin, an associate research fellow at the Institute of Russian, Eastern European, and Central Asian Studies under the Chinese Academy of Social Sciences, told the Global Times on Thursday. `
"As to how the situation will evolve, I think we need to spend more time to observe it. First thing first, we need to focus on the attitude of the US, on whether Washington will launch a direct war against Russia," he said, noting that everything depends on how NATO and the US will react. `
If the entire military operation goes smoothly, Russia could reach its target of fully controlling Ukraine, and what worries NATO most is whether Russia will then carry out further operations again the three Baltic countries, namely Estonia, Latvia and Lithuania, Li Haidong, a professor from the Institute of International Relations of China Foreign Affairs University, told the Global Times on Thursday. `
The US and NATO are now observing how the situation evolves. The US and NATO have been training Ukraine troops since 2014, and it's time to see if they will confront Russian troops and for how long they will fight them. "As long as Russia does not engage in military conflicts with NATO members, there won't be direct confrontation between NATO and US [on one side] and Russia [on the other]," Li said.
Black smoke rises from a military airport in Chuguyev near Kharkiv on February 24, 2022, after Russian President Vladimir Putin announced a military operation in Ukraine. Photo: VCG 
