Kuwait’s central bank, CMA initiate campaign on crypto assets

Virtual currencies have sharp price fluctuations

  
The Kuwait Central Bank towers over the traditional Dhow harbor in Kuwait City, Kuwait March 18, 2020.

The Kuwait Central Bank towers over the traditional Dhow harbor in Kuwait City, Kuwait March 18, 2020.

REUTERS/Stephanie McGehee

Mubasher: The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state, according to a press release on Sunday.

Virtual currencies have sharp price fluctuations; therefore, there are risks associated with using them as they are not subject to any regulatory authority inside Kuwait, CBK Governor, Mohammad Al Hashel commented.

He added that such risks expose speculators to large losses and fraud.

Last June, the CBK initiated Diraya (Be Aware) campaign to address the practice of loan encashment and its risks.

Source: Mubasher

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