Saudi Arabia: Cryptocurrency Trading Is Illegal

Saudi Arabian regulators have issued a statement clarifying that cryptocurrency trading is illegal in the kingdom.

According to an official document issued yesterday, the committee warned against trading in digital currencies due to “negative consequences and high risks on traders as they are out of government supervision”.

“The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices.”

Nevertheless, the statement does not mention what the consequences might be for parties found to be trading in cryptocurrencies. The warning follows some negative comments by Saudi Prince Al-Waleed bin Talal in December 2017, when he said bitcoin was “just going to implode one day.” The prince further compared the world’s most famous cryptocurrency to Enron, the U.S. energy company that collapsed in the early 2000s after revelations of massive accounting fraud

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