Cryptocurrency Trading Still Illegal In Saudi Arabia

- Advertisement -

After recent drops in the price of bitcoin and other cryptocurrencies, the government’s central bank felt the need to remind citizens of the risks of trading, both financial and legal.

The Saudi Arabian Monetary Authority (SAMA) issued a statement yesterday reminding citizens that any dealings with cryptocurrency are still illegal.

The central bank’s Sunday announcement was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market.

In the announcement, the standing committee cautioned the public against using cryptocurrency for trade based on the “negative consequences and high risks on traders as they are out of government supervision.”

The warning specifically mentions that bitcoin, along with other types of virtual currencies, are illegal in the kingdom.

It goes on to explain:

“The committee warns all citizens and residents about drifting after such illusion and get-rich scheme [sic] due to the high regulatory, security and market risks involved, not to mention signing [sic] of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”

- Advertisement -

The announcement does not state what kind of penalties violators would face if caught trading in crypto.

Though no fan of crypto, SAMA signed a partnership in February with blockchain firm Ripple to use the company’s xCurrent software for cross-border payment settlement. The agreement aligned with the creation of a regulatory sandbox for banks to test Ripple’s technology.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

- Advertisement -

Like what you read? Follow us on X @Bitnewsbot to receive the latest Saudi Arabia, Saudi Arabian Monetary Authority or other Ethereum world news.



Previous Articles:

- Advertisement -

Latest

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Must Read

5 Best Crypto Jobs Sites To Land Your Next Six Figure Job

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at a blistering pace, the demand for workers...