Saudi Arabia has formed a government committee in order to warn the public that trading cryptocurrencies are illegal. This announcement was made just a few days ago by the Saudi Arabian Monetary Authority by a subcommittee for Awareness on Dealing in Unauthorized Securities Activities in The Foreign Exchange Markets.
The committee is contained of ministries from many departments such as the Ministry of Commerce and Investment, Ministry of Media and Ministry of Interior. According to these government bodies, digital currencies are still not recognized as legal in the country and no one is licensed to trade, buy or have any kind of deal with them. They warn of high risks and lots of bad consequences while crypto trading and are trying to protect the public from so-called ‘’get rich schemes’’. They also warn of high security and market risks. However, they don’t mention what the penalties might be if someone is found trading cryptocurrencies.
Weird thing, however, despite Saudi Arabia not recognizing cryptocurrencies as legal, the country is really enjoying the benefits of the distributed ledger technology. They partnered with IBM in order to develop a new strategy to streamline services by the government using only blockchain technology. The Saudi Government wants to try this so it can improve the quality of the municipal services and implement new services in their 2030 Saudi Vision program. This program is extremely devoted to the economic development of the country and wants to improve sectors such as healthcare, tourism, and education.
Saudi Arabia made a deal with Ripple so it can provide support for cross-border payments methods in its banks.
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