The oil-rich Kingdom of Saudi Arabia has warned the public against making investments in cryptocurrency, according to a statement of central bank’s standing committee.
The committee noted that activities with Bitcoin (BTC), as well as other virtual coins, have negative consequences and pose a high risk, as the crypto industry is out of governmental control. Saudi authorities used the term ‘virtual currencies’ for cryptos, similar to the G20 description – ‘virtual asset’.
“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 body explained.
The standing committee, esta...
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