Cryptocurrency Trading Still Illegal In Saudi Arabia

Saudi Arabia: Bitcoin Trading is ‘Illegal in the Kingdom’

The standing committee was formed by a supreme decree and composed of members from the Ministries of Commerce and Investment, Media, and Interior.

The government via a special committee recently issued a statement stressing that Bitcoin and cryptocurrency trading is still illegal in the country.

The statement from the committee, however, did not state the consequences of trading in digital currencies.

In a statement published by the Saudi Arabian Monetary Authority (SAMA) - the sovereign Arab state's deface central bank - on Sunday, a governmental committee declared it was against trading of cryptocurrencies.

It is one thing for a country's government to disagree with a concept or practice such as cryptocurrency trading and to publicly discourage citizens from partaking in such a practice, as in the case of the United Kingdom, but to deem it "illegal" changes the demographic completely, especially in a nation notorious for draconian and medieval forms of punishment such as Saudi Arabia, although at the time of writing, no official form of punishment had been announced.

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"The committee maintains that cryptocurrencies such as Bitcoin are illegal in the Kingdom and no institution or parties are allowed to trade them."

The committee is now working with appropriate organizations to counteract such marketing activities. The committee was created by a supreme decree which mandated it to oversee and discourage unregulated investments like FOREX and Virtual currencies.

Investors who are in any doubt about what is permissible should refer to the relevant government entity's website, which will provide details of the licensed entities.

Bitcoin users have had to deal with their fair share of bad news in 2018.

In Egypt, the Grand Mufti, Sheikh Shawki Allam, endorsed a ban on digital currency trading, saying that it is fraudulent, cheating, and forbidden in Islam.

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