Topic: Bitcoins in Saudi Arabia? (Read 6713 times)

I didn't hear the news, even some blockchain events held in Dubai are a sign that the Middle East is ready with this technology. some ico are even successful there.

Isn't is banned there? If it isn't then it's good since I would know some people actually buy some Bitcoin from all over the world.

I think Saudi Arabia is still foreign to Bitcoin, but some projects are supported by some Middle Eastern communities. like Menapay and Zuflo.
this may only be at the beginning and someday they will understand blockchain technology.

Everything is "illegal" in saudi arabia until king says its not. It is not a "muslim" country, it is a king country and the king controls even the religion itself. If he wakes up tomorrow and says "bitcoin is halal" , you will see a billion dollars in the market at the same day, probably more. Hence don't worry about what he thinks now, try to change is viewpoint for the future.

For example united arab emirates started to make it easier for people to do crypto investments in their country and started to even give some tax breaks to crypto companies so they can get there and pay taxes there, their reason basically wasn't to make their own people establish crypto companies but to attract already existing crypto companies. Which is working since Coinbase is considering starting one there one day.

It seems that the Arabs still have not given any effect to Bitcoin, now Bitcoin is still less popular in Arabia and it can be one of the obstacles for you to offer bitcoin in Saudi Arabia. that's my opinion

Is bitcoin illegal in Saudi Arabia? I don't know if it is legit but I saw some article that bitcoin is illegal in this country. I don't know the legality and procedures to buy bitcoin in Saudi Arabia because I am not from that country. Maybe, you can buy some bitcoin in exchange or look for an escrow service.

Probably that could be one of the reasons in the news; they have been trying as much as possible to clamor for a global regulation for the crypto space to at least get the space to mature pretty fast than it is now. It is a good thing to see those with some visions and high set of visionary leaders, seeing this as a means to make the market a lot more useful for them in the long run, which I see they are trying every means possible to at least tap from the cryptocurrency market as well as the blockchain technology, let's see how that will all be working out as we forge ahead.

are you one of the naive people who think Arabs actually have access to oil by digging a 10cm deep whole in their back yard and take it to the market and sell it for $?  oil industry is 100% controlled by the governments. so what you hoping for as exactly the same as the Russian/Canadian govs accepting bitcoin for all their exports?

shit like that ain't going to happen.

and as for the average folks in Arabis, BTC is quite popluar and mainly traded in OTC manners.

 for the OP , if you are looking for a seller in Saudi Arabia i can make a few calls, just PM with what exactly are you looking for.

Bitcoin is illegal in Saudi Arabia!


Source: https://news.bitcoin.com/bitcoin-illegal-saudi-arabia-monetary-authority/

Although, there are two Bitcoin ATM's in the country.
https://coinatmradar.com/country/187/bitcoin-atm-saudi-arabia/

Wonderful bitcoin in Saudi Arabia and also heard there is ATMs machine for making bitcoin transaction really great efforts. But I have a little bit doubt is it legal currency to make the transaction there?

Saudi Arabia is now planning to launch its own cryptocurrency in 2019!

Here is an interesting read:

In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.

As far as I can see there is a Bitcoin ATM in Eastern Saudi Arabia. This may solve your problems.

Thanks for all the efforts. Hope one day, Arabic friends will sell oil for bitcoin, not just dollars. That will enrich our Arabic friends enormously. The dollar bill they get devalue day by day.

I just got in touch with some arabic friends , any now teaching them about bitcoin minin

Of my God, I haven't even though about this, yet it's crystal clear! It's hit as hell over there!

Thanks mate!

Electricity may be cheap but just think of all the extra electricity required for the cooling systems that will be required. Think that will take far more electricity than that required for the miners.

I do not think, you can solve this question easy. There are only two way in fact - through international bank transfer or bank check. In Saudi Arabia and other region countries, you can use only international bank transfer or bank check. 

search for a local bitcoin atm at coinatmradar.com

Haha, funny, I have asked exactly the same question this morning in another thread. I've been wondering this. It would make sense that there is more Bitcoin mining in Saudi Arabia, since their electricity is pretty cheap over there.

i think not, not big farm surely, because the cost for shipping is high enough and they can't produce miners there, i doubt they have the tech to do it