Saudi Arabia warns against trading bitcoin and dealing with cryptocurrencies

Saudi Arabia warns against trading bitcoin and dealing with cryptocurrencies

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Answer Saudi Arabia warns against trading bitcoin and dealing with cryptocurrencies

The Standing Committee for Awareness and Warning, consisting of several ministries in the Kingdom of Saudi Arabia, warned against trading bitcoin and dealing with digital currencies within the country and described it as not legally approved.

This came through a statement issued by the Saudi Arabian Monetary Agency yesterday, Monday, and the authority announced its total rejection of cryptocurrency trading, and attributed the reason to the high risks in trading operations and the serious consequences for traders, which affects the country’s economic capacity. The warning referred to the activity of trading securities. In the foreign exchange market, or what is known as Forex, as it is not licensed by the Capital Market Authority or any other official authority. The committee began in coordination with government agencies to curb the phenomenon of marketing in the field of forex or cryptocurrency trading.

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The committee was formed based on a royal request from a high-ranking official to review the Bitcoin trading process and monitor the non-agreed currencies in the Saudi exchange market. In line with the aspirations of traders.

In a statement, the committee also expressed the following: “The committee confirms that the trading of digital currencies, such as bitcoin trading, for example, but not limited to, is illegal in Saudi Arabia, and there are no licenses or approvals for such activities, whether for individuals or institutions.”

This warning comes to mention the risks of this type of investment that does not fall under the supervision umbrella within the Kingdom of Saudi Arabia, which may expose individuals to severe consequences as a result of fraud and fraud, or because of the difficulty of understanding the risks of investing in it by investors and individuals.

It is also worth noting that the Kingdom of Saudi Arabia does not implement any sanctions on Bitcoin trading operations, and no indications have been issued against traders so far.

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In your opinion, will there be other consequences for this Saudi decision, or will the matter be limited to this warning?! You can comment here or share your opinion with us Arab Bitcoin Telegram Group.

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