The media sources have come up with the new hot cryptocurrency news. As per the reports, Saudi Arabia has reminded all the citizens who are vibrantly trading in cryptocurrency that this is an illegal domain in the country. This reminder by the state came following the most recent event of virtual currency trading promotion in the Arab Nation. Taking action against this bold act, Saudi Arabia government has reannounced that “Cryptocurrency trading in the country is a legal offense”.
Cryptocurrency Exchange Not Permitted in Saudi Arabia | Government made that Clear!
After government found about the bold move of promotion by a cryptocurrency trading platform in the country, the officials reinforced its stance on the illegality of the crypto-trading in the country. Not only this but the government also elected a committee that would be headed by the Capital Market Authority to oversee the enforcement of the prohibition.
The new Committee elected to oversee the enforcement of the law “Crypto-trading illegal in Country”.
Along with head of the Capital Market Authority, the committee that Saudi Arabia made also comprises of a representative of the Ministry of Interior, Ministry of Trade & Investment, Ministry of Information, and last but not the least SAMA – Saudi Arabia Monetary Agency.
This standing committee said and we quote –
“The claims of these websites that they are authorized by the authorities in the kingdom are incorrect and that no parties or individuals are licensed for such practices”
Saudi Arabia and Blockchain
While Saudi Arabia stands against the legalization of the cryptocurrency trading, it is appreciating the blockchain technology backing them up. Recently in February 2018, Al Rajhi Bank made it public that they have successfully tried Ripple technology. The trail with this Ripple technology to transfer money from Saudi Arabia and Jordan between bank branches was quite satisfying. This is when the Central Bank of Saudi Arabia signed an agreement with Ripple to present a new way of payment infrastructure for the banks.
ArabiaChain | The New Era for Cryptocurrencies in Arab World
Back in January 2018, ArabiaChain, a Dubai based blockchain startup launched it all new asset – Palmex, the digital asset exchange platform. This platform as per the announcement is designed to allow the participants to deposit or trade digital coins such as Bitcoin, Ethereum, DubaiCoin, along with many others,
This platform has a free registration process and the best part is, their fee for trading, withdrawal, and deposit is quite low.