On August 8, 2018 the Board of Finance of Saudi Arabia (مؤسسة النقد العربي السعودي) or Saudi Arabian Monetary Authority (SAMA) (equivalent Rabobank International in Thailand), the organization overseeing the finances of the Kingdom of Saudi Arabia (المملكة العربية السعودية. ) Has announced that crypto currency such as Bitcoin is illegal. With a warning to. "High risk and adverse consequences" that are outside of government oversight.
It went on to clarify:
"The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices.
SAMA functions as the kingdom’s central bank. It issues the Riyal, oversees banks and foreign exchanges, and the traditional aspects of price and exchange rate stability, crediting itself with ensuring the growth and soundness of the domestic financial system.
“The committee assured that virtual currency including,” SAMA continued, “for example, but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”
The royal family of Saudi Arabia and Cripo:
At this time, no one is aware of the view of the Cripto. Deputy Prime Minister and Crown Prince Maha Vajiralongkorn, Saladan Abdulaziz al-Hadad, was crowned by the royal crown of the youngest monarch (33 years). Of women's rights reform After Saudi Arabia Allowing women to drive, sing, and play sports.
Last fall, Saudi Prince Al-Haddu bin Talal called Bit Coyne "a fraud", which is the only view of the Saudi royal family. This can be seen at the moment. (Even after the prince had a legal problem with the fraud itself)
While it is reported that SAMA has used Ripple technology and has worked with Dubai or the UAE to create supportive regional scripts. By the state While crypto is not supported by the government, bitcoin is still illegal.
Saudi Royals Do Crypto, Sometimes
Popularly, the Kingdom is said to be in something of a modernizing period. Its ascended Crown Prince, First Deputy Prime Minister under King Salman, Mohammad bin Salman bin Abdulaziz Al Saud, who will turn a tender 33 years old in a manner of days, is known as a reformer of sorts. As one of the youngest monarchical office holders in the world, he is particularly lauded for making strides in his country for women.
Women, under his dictates, are slowly being reintroduced into society as drivers, singers, and sporting enthusiasts. His view on cryptocurrency isn’t well known. Fall of last year, Saudi Prince Al-Waleed bin Talal called bitcoin a “fraud” on American television (he would later run into his own legal problems involving fraud), but that is the closest Royal Family pronouncements have come with regard to crypto, until now.
Perhaps another hint comes from a more conciliatory side of SAMA, and its reported usage of Ripple settlement tech or its effort at building a state-backed regional cryptocurrency in conjunction with United Arab Emirates. Whatever the ultimate case, cryptos without state backing, such as bitcoin, are illegal for now.
Will Saudi Arabia eventually given in on bitcoin? Let us know in the comments section below.