Topic: SAUDI Arabia has banned the trading of cryptocurrencies.. (Read 247 times)

If China couldn't shake bitcoin, why should one develop a cold feet about Saudi Arabia? Their government is still under development, trying to see how to making things better in their nations, when they realize how how important bitcoin is to their economy, they will devise a way around it.

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They are the one who accepted ripple on banking usages but why they have banned trading of cryptocurrencies. I believe there is big world politics is happening behind that so we need to careful and trade safely if you that country.

To confirm with the reference I have checked it.
Localbitcoins is still having the many treader to buy and sell bitcoins no worries about the regulation.

It's called turning a blind eye while they recycle petrobonds to fuel US debt. Everyone knows it's not even worth the waste of paper printing that garbage on anymore, but someone needs to keep the American dream going.



This does not follow. It doesn't matter if little billy got into crypto, usd, gold, or bonds early enough to make his millions. The fact is, he was there first, he saw the opportunity, and he acted. This makes him no different from other billionaire investors we see in the news today. It can't be blamed it on bitcoin--try to follow a thread of logic.

Oh and universal income breeds compulsive laziness and complacency. It's the worst idea since helicopter money.

I don't know what you are trust or not. Maybe there were some tricks with Bitcoin in SAUDI Arabia. As you know SAUDI is a wealthy kingdom by the natural resources. They have such huge money that they can easily invest in a major like bitcoin. Actually, I see many Saudis outside Kingdom spent money investing Bitcoin.

Thanks for doing some research. Do you actually speak Arabic? The English version you linked to does specifically refer to the legality of it:
You seem to be right though. I used Google Translate on the Arabic article and it doesn't seem to say that it's illegal. It says:
Later, the only time it mentions legality is here:
Maybe the translators confused something. Of course, it's illegal to make illegal financial transactions with Bitcoin. It doesn't looks like it actually banned or illegal though. Their just warning citizens that it can be risky. I had it when news companies are lazy and spread lies due to mistranslations.

Saudi Arabia is a muslim country where alcohol is banned, where a woman cannot wear a skirt, and where changing religion is punished by death.

You can't expect a country like that to accept cryptos...

My ideas   the government would love it and so would everyone ..

Imagine 1 country makes bitcoin their currency   do you know what will happen?..

Imagine you have a house for sale in your country   imagine little billy with 1 million bitcoin that he bought for 500 dollars  ?  he can offer  3 times more for that house than anyone else will  WHY  because billy only paid 10p per bitcoin   SO if 1 bitcoin was 250k dollars   it really only cost billy 30p to offer 750k for the home..

NOW imagine your whole city  little billy could buy your whole country for 200 pounds  making him the ruler of your country ..
If you own all the land you own the country    now with bitcoin already people who have many many millions of bitcoin that they paid peanuts for ..


It makes no difference to me if I only payed 1p per bitcoin    it's what I payed for them that counts  not what you pay for them but I ..

Well you could be paying 250k  for 1   when I payed 1p for one..
So I say bitcoin will never ever become a countries currency  not unless your crazy or have nothing left to turn too  because your country has dictators ..

the only way it works if we all get   10k free tokens by making sure it's one person per claim  ..UNIVERSAL INCOME ..
plus you must give every notice of 4 years to get ready to claim   meaning we all get a fair starting point to live ..

To many people with massive amounts of bitcoin who will own everything while we beg for their scraps  SO FUCK OFF   you greedy fucks will never run my life..

cryptocurrencies are needed to decentralise the power, we cant do a form of metalism in an urbanised society that has a high population density.

nevertheless the current state of the market is broken

lol,

in the long term saudi tribe can't do anything about that,

they should read their own religion, it is allahs will to divide the muslims over and over into 77 pieces and of all those pieces only 1 that most believes into him (allah) gets to paradise/holding power. its the saudi tribe that tries to create some form of communist state, and place its tribe into power running the countries financial system. to abuse immigrants as money earning cattle but that wont work well, its actually against god/(allah)

but we dont have to explain it that obvious to them.

regards

I agree with people who say that it is impossible to ban ideas. The cryptocurrencies are ideas to rebuild the world. For sure, governments do not like it. It is no wonder to learn that Saudi Arabia has banned the trading of cryptocurrencies. In that country, women have no rights. Moreover, they even cannot drive. Actually, the government is looking for ways to improve women capacities. It is logic than to see them ban cryptos. Everything they are afraid of has to be banned. People can do transactions in other countries or even online. You can ban in one country, but how do you ban transactions on the net?

Bitcoin latest: Saudi Arabi bans cryptocurrency in major ...
https://www.express.co.uk/news/world/1002951/bitcoin-news-saudi...
1 day ago · SAUDI Arabia has banned the trading of cryptocurrencies like bitcoin in the kingdom as the government launched a major crackdown, warning against the 'illusion and …


WHAT IS THE RIGHT NEWS ..

Saudi Arabia Unlikely To Ban Bitcoin - Crypto Trader News
https://cryptotradernews.com/.../saudi-arabia-unlikely-to-ban-bitcoin

Saudi Arabia Unlikely To Ban Bitcoin. Fedor Selivanov/Shutterstock Saudi Arabian officials are working on the country's bitcoin policy, according to a top regulator. A ban on cryptocurrencies is not likely. Regulators around the world are taking a closer look at cryptocurrencies.

who is fake news..

Saudi Arabia declares bitcoin trading illegal
Saudi Arabia has officially declared that trading in digital currencies such as bitcoin is illegal in the country. A standing committee comprising of Saudi Arabian regulators this stated that “the una..   Rachel9hrs  ago..


Bitcoin needs rules  BUT you want decentralised   until you get robbed   then you cry like little girls to your government ..I would tell you to fuck off..
You wanted us to have no involvment    so deal with it yourself..

Funny how  everyone licks Saudi butts for monies   ASK CANADA ..
oH AND REMEMBER..  you wait for the rise to cash out for paper monies or digits on a screen   that the Saudi  have so much of..You lick Saudi butt holes ..
Well the british POLITICIANS DO ANYWAYS    ASS LICKS   THEY ARE   FOR THE MONIES..

No  did I crash the market when bitcoin was 20k      then the drop to 8k? ..

I am just telling people the truth..Like this for TRUTH    and are you saying I am wrong?..  So lets begin ..
If bitcoin wants no government backing I.E decentralised   then why do so many cash out for GOVERNMENT BACKED     PAPER?..

when LAMBO?  so how do you buy a lambo without cashing out  into paper monies or digits on bank a screen remember all government backed ..

So what your saying is    you don't want no governments involved BECAUSE they have rules  BUT when you have made enough I.E  you buy bitcoin when it goes up you cash out for GOVERNMENT backed paper or digits on a bank screen digits   ..So explain  how do you get bitcoin to become a currency ?..
Remember your government gives you no backing..

I would love the GOVERNMENTS to say  if you get involved with bitcoin OR crypto currencies then if you lose your monies we will do NOTHING about it   not one thing..
So use it at your own risk..  NOW if no government gets involved even if your robbed    then lets see how this game playes out..

REMEMBER  your also doing it because of no tax payments to some     so easy to get away without paying taxes  amongst other stuff..


Now you buy bitcoin at 6k ?   what will you do if it goes to 20k   will you then cash out  using government backed paper or digits ?   BECAUSE if you cash out then you are a TOTAL LIAR   remember you don't want  GOVERNMENTS INVOLVED   ..No central body   just wild wild west deals and thieving and hacking  of all kinds ..

So why are you WORRIED about  bitcoins price?   and also why do you have bitcoin tied to government backed paper?..
Remember many many say when LAMBO   so how many car lambo dealers   that take bitcoin only?..And will the lambo dealer   just keep the bitcoin OR will he cash out
USING paper backed government monies or bank digits ?  THEN YOU ARE ALLL     HYPOCRITES ..bitcoin will be currency  but then cash out for government backed monies

And this is how stupid some of you are..  SO  when LAMBO ...I bet some have lost a mansion ..

You are trading bitcoin YES or NO?     so if you make loads of bitcoin  are you just keeping the bitcoin or cashing out for government backed monies?..
Now if your rich  OR  you already cashed out making you rich off using crypto then cashing out and still having crypto ..

So in other words    you got rich of a high price crypto that you paid cheap for  THEN cashed out for government backed monies  making you government backed rich
BUT also still have plenty of crypto left to try and promote using bitcoin as a currency only  THEN YOU NEED TO BE SHOT     YOU ASS HOLE..

See you made your government backed monies bought what you wanted then bang on about how bitcoin will change the world YES IT WILL   for the worse ..

SO  DON'T  BE FOOLED  BY THE   PYRAMID GAME..  you start from the bottom and never get to the top..the pyramid game ..
At least with currency anyone can make billions     why because loads of cash about   not with bitcoin   plus how many will pay taxes for pensions police army?..

Your bonkers  for thinking crypto can become a currency without it being government backed..

lol,

in the long term saudi tribe can't do anything about that,

they should read their own religion, it is allahs will to divide the muslims over and over into 77 pieces and of all those pieces only 1 that most believes into him (allah) gets to paradise/holding power. its the saudi tribe that tries to create some form of communist state. to abuse immigrants as money earning cattle but that wont work well, its actually against god/(allah)

but we dont have to explain it that way to them.

regards

Again and again. There was something about Indonesia a while back too "making bitcoin illegal" when in fact it was just declaring that the Indonesian Rupiah was the official money. Gee, what a surprise.

All this bad news and not a blink. Seems like the market just doesn't give a shit anymore. It didn't react to positive news about Starbucks and those other capitalist whores getting behind Bitcoin, and now it's not reacting to frauds, scams, "bans", or whatever. Must be getting old or something.

FUD and more FUD.. Anything to crash the price of BTC even further.

I do not think this news is correct, but a misunderstanding of the report [1] "Arabic language" [2] "translated one."

I think the report is talking about
" Bitcoin is not considered a certified currency in the Kingdom, and therefore the allegations "that is a certified currency" in the Kingdom is incorrect. "
But there is no explicit reference to banning or illegally.

[1] http://www.sama.gov.sa/ar-sa/News/Pages/news12082018.aspx
[2] http://www.sama.gov.sa/en-US/News/Pages/news12082018.aspx

There are many Saudis outside the Kingdom, who are investing millions of dollars in bitcoin.

You'd eventually get used to popcorn. I think what he's trying to say is that the ban in Saudi Arabia is a result of that huge scam involving the Finnish guy. I don't know all the details of the scam but if he knows that it's in Thailand he should have been wary. There are even "Likes" farms in there.