“This currency is considered to have negative consequences and high risk in trading because Bitcoin is not under government supervision”
Through a statement issued by the Saudi Arabian monetary authority (SAMA), the government stressed that marketing activities, both trade and investment in the form of virtual currencies, must be stopped.
“The committee ensures that virtual currencies, not limited to Bitcoin, are declared illegal and no other individuals or parties are given permission for this kind of practice,” said one member of the committee, as quoted from Coindesk, Wednesday (15/8 / 2018)
With the issuance of this rule, Saudi Arabia added a long list of countries that prohibit the use of virtual currencies. Until December 2017, there were at least 17 countries that issued similar rules. There are various reasons behind this, but the majority is anxiety about abuse for crime.
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