Officials in Saudi Arabia have warned that cryptocurrency trading in the country is illegal.
A government committee tasked to regulate the crypto-related issue in a statement has made it clear that trading of all kinds of virtual currencies including Bitcoin in the kingdom is unlawful practice.
No individual has been licensed to run crypto related business in the country.
The government is not allowing people to be involved in such trading because of negative consequences as prices of digital currencies fluctuate wildly on one hand and it is beyond the government’s control, according to the statement.
Earlier in December 2017, Saudi Prince Al-Waleed bin Talal, who is critical of digital currencies, observed that these would implode one day.
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