statement issued on Sunday, the standing committee issues a warning against trading in cryptocurrencies due to “negative consequences and high risks on traders as they are out of government supervision.” The statement further clarified:
“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 Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market was formed by the collaboration of five Middle Eastern country’s watchdogs; including the Capital Market Authority (CMA) and the Saudi Arabian Monetary Authority (SAMA), the country’s de facto central bank. Along with the mandate, the committee also notified the relevant agencies of any virtual currency activities to reduce their exposure to the public.
This warning further clears Saudi’s stand regarding the virtual currencies. In December 2017, Saudi Prince Al-Waleed bin Talal made a critical remark regarding Bitcoin, that it will ” just going to implode one day.” The prince even compared Bitcoin to Enron, the U.S. energy company that collapsed in the early 2000s after revelations of massive accounting fraud.
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