Saudi Arabia’s watchdogs on virtual currencies has issued a statement warning that cryptocurrency trading is illegal in the kingdom. Saudi Arabia declares bitcoin trading illegal for various reasons.
The watchdogs is a governmental committee which comprises of Saudi Arabian regulators.
Bitcoin Trading illegal, Why?
Last Sunday, a statement was issued by the standing committee which serves as the country watchdogs. The committee warned against trading in cryptocurrencies due to “negative consequences and high risks on traders as they are out of government supervision.”
It went on to clarify: “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.”
Another reason for the declaration of bitcoin trading to be illegal, could also be because of the hatred Saudi Prince Al-Waleed bin Talal has for the currency.
In last year December 2017, Saudi Prince Al-Waleed bin Talal, made a critical remark in which he said, bitcoin is ” just going to implode one day.”
The prince further compared the world’s largest cryptocurrency by market valuation to Enron, the U.S. energy company that collapsed in the early 2000s after revelations of massive accounting fraud.
Do you think Saudi Arabian Prince is right by comparing cryptocurrency to collapsed Enron?