The central bank of Kuwait has warned financial institutions not to accept payments in cryptocurrencies or engage in any way with them. The central bank said on Monday that it has no plans to issue a new currency backed by oil and gas reserves in the near future.
In the statement, the central bank said it does not consider cryptocurrencies as a means of payment or settlement, adding that it will not be issuing any crypto-backed currencies anytime soon.
The central bank also warns against investing in cryptocurrencies and ICOs (Initial Coin Offerings). He added that investors should be aware of the high risk as well as what they are investing in.
The Central Bank of Kuwait has been working on its own digital currency for years, but it has yet to launch an official application for its digital currency. In March, a local blockchain startup called Zain announced plans to launch its own blockchain-based money transfer service using ZRMS (Zain Remittance System), which is based on the Ethereum blockchain technology.
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