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|13 August, 2018

Virtual currencies not approved in Saudi Arabia: committee

The committee said such virtual or cryptocurrencies that are traded through the internet, like Bitcoin and similar virtual currencies, are not approved in Saudi Arabia

Image used for illustrative purpose. Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018.

Image used for illustrative purpose. Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018.

REUTERS/Mike Segar

JEDDAH - Saudi Arabia's special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) has warned against transactions and investments using virtual currencies.

The committee, assembled by a royal order, has warned that such transactions could have “negative consequences” on dealers because of the associated risk with such dealings that are "outside the monitoring umbrella within Saudi Arabia.

The committee said such virtual or cryptocurrencies that are traded through the internet, like Bitcoin and similar virtual currencies, are not approved in the Kingdom.

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It said “allegations” on websites that promote investments in such currencies on the internet and social media platforms claiming that they are “authorized” by official authorities in the Kingdom are incorrect.

It warned citizens and residents “not to drift” behind Forex activities that exploit the public's for fast earnings.

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