Topic: Kuwait Bans Bitcoin and crypto payments, investement and mining - page 3. (Read 354 times)

Which means the government failed to understand what bitcoin actually is. If they like, they can ban other cryptocurrencies, but bitcoin has been achieving all-time-high. If they do not sell in panic and during loss, the price will appreciate and they will later gain.

 They should consider bitcoin as a speculative asset, but in long term it is a store of value. I wonder if trading fiat and stocks is accepted in the country if that would be the reason. I think what that is stated above would likely be the reason why cryptocurrencies are banned in the country. But that is just novices understanding and fiat is worse regarding that.

There is nothing a country ban that people will not still be able to do. Cocaine and many drugs are banned but people are still able to buy and sell it among themselves. In my country, marijuana is banned, but you will see high school students taking it. How about cryptocurrencies which are easier to get. All that is needed is decentralized exchanges if it is a total ban. But if it is an implicit ban, their citizens can still trade within themselves on centralized exchanges too.

I will like to know about this too. Also I will like to  know if it is a total or an implicit ban.

It can even be like China that bitcoin is banned but Chinese can hold it as a property legally  . Do not mind me, that is just a joke. But it can be real too.

I guess the other countries that are also looking for some reasons to ban Bitcoin and other crypto payments will have to resort with the same reason.

And that's to avoid money laundering.

They're just going to widen the reason so that people wouldn't blame their government for having this decision. While it's true that UAE has an opposite stance but they have a different focus on its industries I guess and doesn't see the opportunity from within.

I can't say if there's any interest in Kuwait when it comes to Bitcoin, whether it's ordinary people or companies, but I have to admit that apart from a few mentions when it comes to mining, I haven't encountered any news from that country when it comes to Bitcoin. It's also hard to say why they decided to make such a drastic decision, but I wouldn't be surprised if some of the local rich lost a bunch of money in some crypto investment, and this is kind of revenge for it.

However, as always for ordinary people, this does not have to be a problem because the BTC transaction does not require the approval of the government or any politician, and those smart will always find a way to continue trading with BTC and stay under the radar.

The only thing I'm interested in is what are the penalties for those caught in the offense - I hope it's not something of the type of punishment that exists in that part of the world.

They can ban it because they are government in that nation but they should borrow better reasons for this prohibition against cryptocurrency. Banning it because of money laundering is just gibberish as they don't ban fiat currencies with same reason.

I don't expect it too because Middle East nations are more friendly with Bitcoin and cryptocurrency than Europe and North America. Many blockchain summits, conferences, companies were hosted and operated in Middle East. This regulatory movement from Kuwait is very strict and not expected.

Lots of overseas who work there ar eprobably thrilled with the news. Ive got some cousins and friends who work there and this will be a bad news for them since doing crypto as a sideline is definitely a worth hustle at all. Anyway Im sure this is just another trick of their government or worst they dont see any progress with whats happening out there on blockchain and web3 involvement. Maybe it will be the same as China who banned and will open again once they realize they are left behind.

However, Kuwait is one of the 2nd richest Muslim countries. Despite this new policy I'm not sure it will create a backlash because it's not necessarily that bitcoin is of critical interest among the population. On the other hand I believe almost every citizen in Kuwait has achieved their financial freedom.

The important thing is that there are no dirty practices in the political system, I think their policies result from common sense than other corrupt countries, and rejecting bitcoin is not controversial at all.

That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted.

Especially when they start noticing what they are missing with web3 and others, I believe they have no clue about blockchain technology, few countries where this stupid before, until they understand what they are missing.

Rubbish. I am referring to the Kuwaiti government.

They can ban Kuwaiti dinar and all the foreign reserves they have too. All of them are used by criminals.

Bitcoin do not depend on a single country.

If some bitcoin critics are in government, there is nothing that can be done. But they like or not, a day is coming that more countries out of scanty that do not support bitcoin will support bitcoin and they will likely be among. Time will speak.

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:


As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.