Kuwait bans cryptocurrency trading for financial institutions

One of the online sources have stated that the Ministry and the Central Bank of Kuwait have prohibited the banking sector and firms from trading in Bitcoin. This move from Kuwait officials follows the crazy Bitcoin price rally during the current year.

One of the sources also has stated that both the central bank and ministry do not have the authority to punish trading. This is due to the fact that, apparently, they do not recognize the cryptocurrency. As a matter of fact, there would not be any regulatory actions since Bitcoin trading is carried out online, which makes it out of control of any supervisory authority.

Taking the above into consideration, the lack of the support by the banking system pushed Kuwait officials to warn investors about the risks involved in investing in Bitcoin. Kuwaiti legislation does not restrain online trading of cryptocurrencies, as they fall under the e-governance laws, according to the online sources.

The same report stated that citizens of the country are currently at the “forefront of buying and selling bitcoins.” Yet, the transactions of Bitcoin that come from abroad to Kuwait are considered as illicit money. This is due to the fact that !.
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