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Cryptocurrency Suffers Setback As Saudi Arabia Outlaws It

Unarguably, a common drawback with cryptocurrency is government ban. As the promoters work hard to see virtual currency become regular money, a lot still needs to be done. To show that it frowns at cryptocurrency and its ilk, the Saudi government has again taken a position on digital currency.

The Reissue Of Warnings 

Well, the Saudi officials have reissued a stern warning to its citizens to desist from investing or trading cryptocurrency. The citizens are encouraged to report cryptocurrency activities to the local authorities for immediate action. Indeed, this is happening when Iran, a close neighbor, is considering using cryptocurrencies to blunt U.S. sanctions.

Saudi Warnings Are On The Wall

In recent times, the Middle East country has relaxed its rules on certain restrictions, including allowing their women to drive vehicles. However, the Saudi government is not ready to soft-pedal on cryptocurrency yet; at least that’s the impression the world gets.

Despite cryptocurrency and its trading being illegal, crypto-oriented sales and trades have continued. These crypto activities are often perpetrated on the internet, prompting the authorities to release a reminder.

Not Allowing Crypto-asset Investment And Trading

Recently, some social media accounts and websites have been promoting cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and others. Consequently, the Saudi authorities had to remind these promoters to desist from it. In the statement, the committee, set up to deliberate on the matter, made it clear that digital currencies remain illegal.

Furthermore, it informed those who intend to get rich quick to have a rethink. Well, the statement didn’t fail to tell the people why they shouldn’t invest in it. Citing the inherent dangers in crypto, the document mentioned the risk of trading and out of reach of government supervision. Indeed, the committee came together as a result of Supreme Court decree.

Cryptocurrency In Middle East

In fact, Saudi Arabia still stands its ground on outlawing cryptocurrency and other activities associated with it. But other countries in the region are opening up to this innovative technology. By and large, the region still frowns at cryptos. This probably explains why Stellar Lumens (XLM) pursued a certificate of Sharia compliance. Undoubtedly, this move is to encourage the Islamic conservatives to embrace the new money.

Stellar Lumens (XLM) Is Sharia-compliant

As we have mentioned before, Stellar and its token have a certificate of Sharia-compliance. XLM allows users in the region to send/receive money through a fast, reliable and cheap cross-border payment system. While XLM is making effort to integrate all, Saudi Arabia isn’t ready to join other countries in the region.

 

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Jeffrey McGovern

Jeff is a cryptocurrency supporter and shares great admiration for both blockchain tech and Bitcoin. Originally from Charlotte, NC, Jeff graduated from North Carolina State University, but now resides in South Florida. With a background in English Literature, he never believed his 10 years of writing experience would be used towards creating and editing important crypto/blockchain related news.

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Jeffrey McGovern
Tags: BitcoinBTCETHethereumIranLumenssanctionsSaudiSharia-complianceStellarXLM
8 years ago

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