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.
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Aber is a cryptocurrency project launched by the two entities to facilitate financial transactions between the two countries through the technology of blockchain and DLTs. The news was recently reported by Gulf Today. As press reported, the concept is involved in the : … closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with. In addition to these benefits, Aber will involve highly qualified professionals who will study the effects of the DLT and blockchain technologies and how they can be used to facilitate financial settlements between the two countries and how banks can use these to the advantage of their clients. Banks in the two countries have reportedly begun the pilot projects that aim to test the viability of Aber.
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The launch was part of a seven-point co-operation plan that was unveiled on Jan. Saudi Arabia and the United Arab Emirates have announced they will be undertaking joint tests on a new co-developed cryptocurrency dubbed Aber. Cryptocurrencies and blockchain technology are beginning to creep into real-world enterprise business. The cryptocurrency pilot program will test the potential of a central bank digital currency. Saudi Arabia and the UAE have launched a cryptocurrency aimed at facilitating cross-border payments.
Mohsen Al Zahrani, the head of the central bank, said that the cryptocurrency project will be prepared by mid, Argaam reports. Thus, the large oil producing states will receive a token for convenient exchange of funds across the border. The new cryptocurrency provided by the main bank of Saudi Arabia will be initially intended for operations in a narrow circle of Arab banks. But later, the authorities will consider the possibility of introducing cryptocurrency services in all financial institutions of the states.
The exact date of the new cryptocurrency launch depends on how quickly read article necessary research will end, the official clarified. Back in Augustthe officials of the Arab Kingdom called cryptocurrencies illegal and denied companies the permission to use such a financial instrument and conduct transactions with it.
At the same time, the UAE is more friendly towards cryptocurrencies and blockchain technologies. In OctoberDubai announced its intention to become the first city with an infrastructure for crypto payments. So, the authorities will install thereterminals for the national link token, with which everyone will be able to pay for any goods and services in the city.
As previously reported, the UAE Stock Exchange will draw up rules for the release of cryptocurrencies. Up-to-date Blockchain and cryptocurrency news. Be the first to know! Found a mistake? Saudi Arabia UAE cryptocurrency. Latest news. Notify about a mistake? Comment optional. Send Cancel.
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Bitcoin Daily is delivered to your inbox each morning, we find the top 3 stories and offer our expert analysis. Bitcoin was introduced in early and is credited as the first arabja digital currency to use blockchain technology. Cryptocurrency exchange saudi arabia there is no excuange of penalties for breaking the rule, the committee said that they are here with relevant parties to reduce marketing and trading in cryptocurrencies. Paxful Paxful is less of an exchange and more of a peer-to-peer platform where you can trade BTC for various fiat currencies. Download the Coindirect app. Available channels included bank transfers, credit cards, cash, debit cards, and crypto-to-crypto transactions. This pathway provides the generally large amount of bitcoins but might require from you to verify your account if you want large quantities of coins. Often times, Saudi Arabian Bitcoin holders also depend on their overseas diaspora as a retail exchage, although peer-to-peer, cryptocurrency exchange saudi arabia buying anything with bitcoin. Buy Bitcoin at BitOasis. VirWox became quite popular in recent years due to its two distinctive features — completely anonymous purchases and PayPal as a deposit option. Skip to content Facebook. Central Bank of SA released a statement regarding BTC trade, announcing its crackdown on investment qrabia that deal with digital coins.