Saudi Arabia Considers Trading Cryptocurrencies Is “Illegal”

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Saudi Arabian regulations have announced that cryptocurrency trading in the country is illegal.

According to their official announcement, the regulators warned against trading cryptocurrencies such as bitcoin. The warning was issued due to the negative results and high risks for traders as they will be out of government supervision.”

The announcement stated:

“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.”

The report did not reveal what the results might be for parties which trade cryptocurrencies.

It is mandatory for unauthorized securities, the regulator’s committee also has the remit of notifying the relevant agencies of any cryptocurrency activities for reducing their exposure to the public.

In February 2018, Ripple announced that Saudi Central Bank wants to work with the company. The Saudi Arabian Monetary Authority (SAMA), the central bank for the Kingdom of Saudi Arabia (KSA), had signed an agreement with Ripple for introducing a sweeping blockchain pilot which will see the participation of regional banks that use Ripple’s enterprise blockchain for ‘instant’ international payments.

Ripple’s global head of infrastructure innovation Dilip Rao told:

“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.