Saudi Arabia is one of those countries that want to be neutral as far as the Bitcoin regulatory issue is concerned. The Saudi Arabian government has openly come out to say it is not considering regulating Bitcoin in the country. At a time when a lot of national governments are trying to hem the digital currency from growing, others are being careful not to get involved in regulating cryptocurrencies. However, there are those that want to be neutral on the issue. Saudi Arabia is one of those countries that want to be neutral as far as the issue is concerned.
Market is Not Mature to Regulate Bitcoin and ICOs. Recently, a top advisor of the Saudi Arabia Financial regulator informed CNBC Sunday, how the cryptocurrency market in Saudi Arabia is not mature enough in assessing the influence that these cryptocurrencies may have on the economy and regulation.
Another top advisor, Abdulmalik Al-Sheikh of the Saudi Arabian Monetary Agency (SAMA), noted how cryptocurrencies are not what SAMA as a body is focused on in regulating currently. According to him, it (cryptocurrency) is in its infant stage with trials and pilots everywhere. He didn’t consider it as something strong in which there is an urgency to be part of at the moment. This comment came as a result of the FinTech event in Abu Dhabi.
Taken from
NewsBTC.com.
Indeed, Bitcoin is still relatively small and still so young so that any government should not be alarmed about it. In Saudi Arabia, they are flowing with money and the government is not cash-strapped to give so much attention on Bitcoin and cryptocurrency. Maybe the Saudi Arabian regime is just watching a little bit on Bitcoin and they realized it is not a real threat to its big economy...it is just peanuts for them. And this actually be good news so that Bitcoin enthusiasts can have a free time in the kingdom promoting and using Bitcoin to their satisfaction.
But what about if there would be a Bitcoin exchange to apply for a business license in the kingdom...do you think it would be granted the legal stature to operate? Let's hope that KSA can be a beacon of light in the Middle East for Bitcoin.
like couple of tens thousands of dollars, maybe. 