Entering the sheep pen, snorting, entering the tiger's den roaring, that is the nature of the change that Malaysia needs to take in facing the global challenges that are increasingly changing the world today.
Recently, Prime Minister Datuk Seri Anwar Ibrahim has called on Malaysia to make changes in the economy by moving away from the traditional financial system and starting to embrace digital finance, including cryptocurrencies and blockchain technology.
According to a report by Berita Harian, Anwar stated that he had held discussions with the UAE government and crypto and blockchain giant, Binance, to explore this idea and is ready to bring Malaysia forward in the world of digital finance.
Anwar also stressed that the creation of new technologies, along with the rise of artificial intelligence (AI), has made the financial world a field for major changes.
He stressed the importance of embracing new models while ensuring that public interests are protected through strict regulation.
The government is now planning to formulate a digital finance policy, in consultation with agencies such as Bank Negara Malaysia and the Ministry of Finance.
This move will see Malaysia recognize the use of cryptocurrencies and blockchain technology, which Anwar described as a "radical change from the old ways" that must be embraced for the sake of the country's financial future.
