|21 August, 2019

Saudi cautions over dealing in virtual currencies

Use of the KSA name, national currency, or emblem by any entity for virtual or digital currencies marketing will be subject to legal actions

Image used for illustrative purpose. Islamic finance,magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Islamic finance,magnifying glass and banknote Saudi Arabia.

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Saudi Arabia's Ministry of Finance (MOF) has warned against dealing or investing in virtual currencies, including cryptocurrencies, as they are not recognised by legal entities in the kingdom.

They are outside the scope of the regulatory framework and are not traded by financial institutions locally, a Saudi Press Agency report said.
 
MOF said in its statement: "Virtual currencies have appeared claiming their relationship to financing of projects, activities or investment in KSA and using the name of the national currency of KSA (Saudi Riyal), or KSA’s emblem (two crossed swords with a palm tree) for misleading marketing of its activities such as (Crypto Riyal) or other virtual currencies.
 
"MOF warns that any use of the KSA name, national currency, or emblem by any entity for virtual or digital currencies marketing will be subject to legal actions by the competent authorities in the kingdom," it said.

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