Tuesday, October 19, 2021
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Saudi Arabia outlaws cryptocurrencies

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Saudi Arabia has declared the cryptocurrencies outlawed, a corresponding statement was made by the committee, which includes local regulators, as well as a number of ministers. Citizens of the country warn against investments in digital assets that are characterized by high risk, as well as the possibility of uncontrolled movement of coins to unknown individuals and organizations.

At the same time, the statement does not specify whether all participants in crypto deals will now be prosecuted and what punishment they will face, or the essence of the statement is that no company has and cannot have official licenses, and the government does not intend to recognize bitcoin.

The statement looks rather strange on the background of Saudi Arabia’s previous activity on the development of fin tech and blockchain technology, in particular, the country’s central bank uses Ripple developments, albeit without XRP. In any case, the decision will make it harder for the cryptocurrencies to enter the oil markets of the Middle East, and it could become one of the reasons for the last price drop of cryptos.

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