SAUDI Arabia has banned the trading of cryptocurrencies like bitcoin in the kingdom as the government launched a major crackdown, warning against the "illusion and get-rich" schemes by high risk traders.
A government committee comprising of government ministries and the Saudi Arabian Monetary Authority - the central bank - issued the warning yesterday.
In a statement, the committee said the reason was that bitcoin poses "negative consequences and high risks on traders" as it is outside of government control.
Saudi Arabia's citizens and residents have been urged to not drift “after such illusion and get-rich” schemes due to the security and market risks involved, including the signing of fictitious contracts and transfer of funds to unknown recipients.
They were also warned that cryptocurrencies are regarded as an illegal activity.
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Originally Posted by Swordsmyth
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