íàçâàíèå

Bitcoin Illegal: Saudi Arabia Monetary Authority

Bitcoin Illegal: Saudi Arabia Monetary Authority

Kingdom of Saudi Arabia (??????? ??????? ????????) regulators issued a statement this week through its monetary authority. Cryptocurrencies such as bitcoin are illegal in the country. Citing negative consequences and high risk, the government believes it must protect subjects from themselves.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots


Saudi Arabian Monetary Authority Pronounces Bitcoin Illegal

Dated 8 August 2018, ????? ????? ?????? ???????, the Saudi Arabian Monetary Authority (SAMA) began, The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision.

SAMA functions as the kingdoms central bank. It issues the Riyal, oversees banks and foreign exchanges, and the traditional aspects of price and exchange rate stability, crediting itself with ensuring the growth and soundness of the domestic financial system.

The committee assured that virtual currency including, SAMA continued, for example, but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.


Saudi Royals Do Crypto, Sometimes

Popularly, the Kingdom is said to be in something of a modernizing period. Its ascended Crown Prince, First Deputy Prime Minister under King Salman, Mohammad bin Salman bin Abdulaziz Al Saud, who will turn a tender 33 years old in a manner of days, is known as a reformer of sorts. As one of the youngest monarchical office holders in the world, he is particularly lauded for making strides in his country for women.

Mohammad bin Salman bin Abdulaziz Al Saud

Women, under his dictates, are slowly being reintroduced into society as drivers, singers, and sporting enthusiasts. His view on cryptocurrency isnt well known. Fall of last year, Saudi Prince Al-Waleed bin Talal called bitcoin a fraud on American television (he would later run into his own legal problems involving fraud), but that is the closest Royal Family pronouncements have come with regard to crypto, until now.

Perhaps another hint comes from a more conciliatory side of SAMA, and its reported usage of Ripple settlement tech or its effort at building a state-backed regional cryptocurrency in conjunction with United Arab Emirates. Whatever the ultimate case, cryptos without state backing, such as bitcoin, are illegal for now.


The post Bitcoin Illegal: Saudi Arabia Monetary Authority appeared first on Bitcoin News.

15.08.2018 / 09:10 33
Saudi Arabia Officials Warn that Bitcoin Trading is Illegal Saudi Arabia Officials Warn that
Despite the countrys proactive and seemingly positive approach towards blockchain-based technologies, cryptocurrency trading remains heavily
Saudi Arabian Regulators Reiterate Ban on Cryptocurrency Trading Saudi Arabian Regulators Reiterate Ban
A joint committee of Saudi Arabia’s regulatory bodies has issued a statement on cryptocurrency trading. The move hopes to protect local investors
Saudi Arabia: Bitcoin Trading is ‘Illegal in the Kingdom’ Saudi Arabia: Bitcoin Trading is
A standing committee comprised of various governmental ministries and the central bank of Saudi Arabia has warned that trading of ‘unauthorized’
Cryptocurrency Trading is Illegal in Saudi Arabia Cryptocurrency Trading is Illegal in
Image courtesy of Pixabay.State officials in Saudi Arabia have reminded citizens that trading in cryptocurrency is illegal in the country. This
Saudi Arabia Partners with IBM to Use Blockchain for Better Government Services Saudi Arabia Partners with IBM to Use
The government of Saudi Arabia remains steadfast in its determination to rely on Distributed Ledger Technologies to strengthen the progress of its
Riyadh City Picks IBM to Integrate Blockchain in Government Services Riyadh City Picks IBM to Integrate
The municipality of Saudi Arabia’s capital city Riyadh has partnered IBM to facilitate government services and transactions on a blockchain. Under
Comments (0)
Add a comment
Comment on