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cryptocurrency exchange in saudi arabia

Cryptocurrency trading has recently been deemed illegal in Saudia Arabia. The committee lists things such as the high regulatory and market risks involved, the low security for investors which includes the signing of fictitious contracts and transfer of funds to unknown entities as a reason for the ban.

While there is no mention of penalties for breaking the rule, the committee said that they are working with relevant parties to reduce marketing and trading in cryptocurrencies.

However, while Saudi Arabia seems to be banning cryptocurrencies, blockchain technology itself has been adopted in Saudia Arabia. By doing so, Saudi Arabian banks are hoping to improve their payment infrastructure using Ripples payment system xCurrent. The partnership with Ripple is not the only time Saudi Arabia has made partnerships with blockchain companies. Worth noting, however, is that this is the first central bank in the world that has promoted the use of blockchain technology, so the program itself is very unique.

It seems that the line Saudi Arabia is taking is that they will promote blockchain technology even on a governmental level, but hinder any sort of trading or marketing of cryptocurrencies. Bought my first Bitcoin in , but when Ethereum was released in I decided to make cryptocurrency my biggest focus in life since I realized what impact smart contracts will have on society.

It has since then been my biggest passion in life and it usually takes up most of my waking hours. I like to program and have followed and interacted with what happens in blockchain pretty much constantly during this time, and spent countless hours researching this amazing technology.

I believe this is why I have a good technical understanding of all the different blockchains and its concepts, which is something I try to do my best to spread while working at Toshi Times. Skip to content Facebook. Lars Nordmark.

cryptocurrency exchange in saudi arabia

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Advertise Here or Hide Ads. State officials in Saudi Arabia reissue warnings against trading and investing in cryptocurrencies. The official committee will also have the remit of notifying relevant agencies of any activity to reduce marketing exposure. In Saudi Arabia, following a series of websites and social media accounts promoting cryptocurrencies such as Bitcoin and Ethereum , among others, a special committee issued a statement reminding citizens that trading in cryptocurrencies is illegal. The statement , which was released Aug. In addition to its mandate, the committee will work with relevant agencies to reduce any crypto trading exposure to the public. Although trading cryptocurrencies are illegal in Saudi Arabia, other cryptocurrencies have gained traction in the Middle East. Earlier this year, for example, Stellar received Sharia compliance certification to integrate with Middle Eastern financial firms.

Something Fresh

The Arab Monetary Fund issued a press release stating that the fund is works on financial technology concepts and that central banks and other regulatory bodies are exploring how this can be utilized. Although cryptocurrency and the blockchain system have not been directly referenced in the press release, it is believed that these points will make some kind of an impact.

The new plans from the two countries would focus on digital functions to improve upon the connections made between banks in both countries. These include both larger cryptocurrency exchange in saudi arabia banks cryptocurrency exchange in saudi arabia the smaller banks that serve the general public. This marks the first time that the two Middle Eastern countries have worked together to manage digital currency activities and other online functions in a distinct manner.

Much of what the two countries are working on delves heavily into the field of cyber-risk control and regulation. This includes helping with finding solutions to produce communications that cannot be stolen or hacked into among other commonplace threats. The development comes as the UAE continues to become a powerhouse in the blockchain field. The Global Blockchain Council in Dubai has particularly been utilizing plans to help cryptocurrency exchange in saudi arabia promoting the blockchain industry and to improve upon how well particular transactions that utilize the blockchain work.

Inthe UAE developed its first ever regulations over how blockchain technology is to be used and how it may help with producing a stronger and safer experience when transferring data. Various financial groups have analyzed the blockchain with Emirates NBD being among the larger entities working with the blockchain. Emirates NBD is producing a new service to help with validating bank checks. The general goal between the two countries is the digitalize functions that the two already utilize between one.

But if a new cryptocurrency is produced, it would not be available to the public. This is due to the need for the new project to be kept private and to work between groups within the government. There is also a potential for such actions carry over to the public sector as there is a desire to protect the needs that individual consumers around the Middle East have when transferring money between parties.

This includes a focus on crowdfunding actions. Part of this is to help with protecting the needs that consumers. Al-Mansouri did not specifically mention ICOs but he did say that the need to produce better standards for such financial actions is vital. Our unique and proprietary approach to Forex education has enabled thousands of traders worldwide, from the complete beginner to the advanced professionals, to enjoy long-term sustained success in trading.

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Bullish opportunity in Bitcoin near major support levels. This comment form is under antispam protection. Most reacted comment. Hottest comment thread. Recent comment authors. Notify of. Thanks for updating recent news 0. Quite interesting. Thanks 0. Nice post. Thank cryptocurrency exchange in saudi arabia Our team is now waiting to call you. When will be the most convenient time to contact you? Morning Afternoon Click at this page. Learn More Got It!

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