Saudi Arabia's special governmental committee for awareness on dealing with unauthorised securities activities in the foreign exchange market (Forex) has warned that transactions and investments using cryptocurrencies is prohibited, reported local daily, Arab News.

The committee said that such transactions could have ‘negative consequences’ on dealers because of the risks associated with such dealings that are outside the Kingdom’s monitoring umbrella.

The committee warned citizens and residents not to engage in virtual currency transactions following claims on websites that promote investments in such currencies that they are authorised by official authorities in the Kingdom.

© 2018 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.