The Malaysian Ministry of Communications and Multimedia (KKMM) is reportedly pushing for the legalization of cryptocurrencies like Bitcoin and Ethereum in the country to boost the participation of youth in the crypto industry and NFT marketplaces.

Harian Metro reported on Monday that the Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin urged the government to legalize crypto to expand participation among the young populace and bring up policies that will help reduce the cost of energy consumption.

“We hope the government can and try to ‘legalize’ this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on,” he said.

He allegedly said this while answering questions about the Malaysian government’s position on NFT trading.

In the last 24 hours, bitcoin has been down by 0.5%, with a current price of $41,402.99 as of the time of writing this. Within 24 hours, bitcoin experienced a $40,615.10 low and $41,631.48 high. The trading volume of bitcoin in the last 24 hours is $19,342,856,639. The current market capitalization of bitcoin is $786,289,745,125. Currently, $18.98M bitcoins are in circulation.

Stats and Image from Coin Gecko

Abidin added that his ministry believes that crypto and NFTs are “the business and financial program of the future, especially for young people.”

Aljazeera reported how the global lockdown, which led to the shutdown of physical art galleries across the globe, turned Malaysian artists to focus on digital arts. As a result, the NFT industry and community is the Asian country so far has experienced exponential growth and organized its first Crypto Art Week in July.