Saudi Arabia Says Trading of Bitcoin is "Illegal in the Kingdom"






The central bank of Saudi Arabia and a committee comprised of various government ministries have warned that trading of 'unauthorized' cryptocurrencies like bitcoin is illegal in the country.

In a statement published by the Saudi Arabian Monetary  Authority (SAMA)- the sovereign Arab state's deface central bank - on Sunday, a governmental committee declared it was against trading of cryptocurrencies. The reasons, it claimed were due to "their negative consequences and high risk on traders" since they are beyond the purview of governmental supervision.

Formed by a supreme decree, the standing committee was devised as a watchdog to specifically look into 'unauthorized securities activities in the foreign exchange market'. It includes Saudi Arabia's Capital Market Authority (CMA), the Interior, Media, Commerce & Investment ministries as well as the SAMA. committee to inform relevant authorities by reporting any trading as well as reducing their marketing activities to keep them from investors.

In a statement, the committee said:
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."
without indicating any penalties or fines for cryptocurrency trading, the committee insisted on warning "all citizens and residents" against what is deemed an 'illegal' activity. 


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