Topic: Saudi officials assert that the fabrication of the bitcoin is illegal (Read 267 times)
Each state has the right to evaluate at its discretion the possibility of circulation of cryptocurrency on its territory and decide whether to legalize it or prohibit it. It is usually forbidden to circulate the cryptocurrency of a state where there are signs of an authoritarian form of government and human rights are violated. Some states simply limit or prohibit the circulation of cryptocurrency based on its novelty, ambiguity and possible risks. In fact, the cryptocurrency is still taking the first steps, and therefore the attitude to the cryptocurrency on the part of the states will be different. It is still so good that more than a hundred states support cryptocurrency to one degree or another, or simply allow its circulation, and only about a dozen prohibit or restrict its circulation. As the cryptocurrency develops, the situation will change and I hope for the better.
May 08, 2019, 02:15:08 PM
Trading in a pet or other digital currency is illegal
So, in SA you're not allowed to sell your dog or cat?
The world we live in...
Dubai says strong, because it believes in the potential of the technology and they have begun its use on the logistics industry. Countries that have been restricting the use of bitcoin will understand the need and will allow its use.
While Dubai was very open and as compare to other Muslim countries in the Middle East. The country is already rich as f**k, but it doesn't mean they should stop their forward thinking.
Should I mention Dubai is a city and NOT a country? I'm willing to bet nobody cares, after all, Africa is a country, Europe is a country, even Bruxelles is a country...
They have a lot of reasons not to adopt the blockchain technology. The economy of Saudi is standing firm and steady that they don't need crypto to enhance their assets.
Also, we all know how huge is the terrorism rate in countries like Saudi so they are getting the risk of adopting crypto because it might be used by criminals to pursue terrorism and other crimes.
Also, we all know how huge is the terrorism rate in countries like Saudi so they are getting the risk of adopting crypto because it might be used by criminals to pursue terrorism and other crimes.
A controlled centralized currency would make it a lot easier to track down any kind of activities, legal or illegal, it can also be used to seize funds in a matter of seconds, follow the trails with a single click, it's exactly the opposite.
They don't want it because it's simply not worth, you already have digital money in banks and cards, why bother with another currency?
Having a cryptocurrency won't prevent them from going bankrupt once the oil dries out
May 07, 2019, 11:42:48 AM
In addition, in February 2018, Ripple also entered into a deal with the Saudi Central Bank. The bank will reportedly benefit from its own xCurrent software to easily execute cross-border payments through full process tracking.
I am interested in that, and I think it could give a chance for Ripple to increase higher again and maybe the price can go higher for more than 20k satoshi.I think they need to learn more about cryptocurrency so they can know what advantages of cryptocurrency for them but if they want to regulate the cryptocurrency, then I think it is hard to do since it is out of their law.
But I think they want to make their own cryptocurrency, so they need to make cryptocurrency as an illegal thing first, and then they will launch their own coins so then their coin can be the number one in the cryptocurrency.
But we don't know what is their purposes to do that thing and we only guess, and I think we need to wait for the next news from them, so we know more about that.
May 07, 2019, 05:21:42 AM
I think that more than once bitcoin and other cryptocurrencies will be subject to bans from different countries of the world.But eventually Saudi Arabia will use them.Digitizing everything just makes it do it.Those who resist the introduction of cryptocurrencies will eventually be the first to use them in all spheres of life.It always does!
May 07, 2019, 03:46:10 AM
Any currencies can be use in illegal either it is fiat or crypto currency, as long as there are people who want to execute an illegal activities then you cannot stop them 100% so their basis is very shallow.
"The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies". This statement is applicable to those who have no further knowledge in bitcoin and to other currencies. No idiot will engage to something especially if they knows that they will end up losing their money without having a chance to gain some profit. They are only pointing out the disadvantages of digital currencies and they didn't even talk about a single good usage of it which is not a good sign.
"The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies". This statement is applicable to those who have no further knowledge in bitcoin and to other currencies. No idiot will engage to something especially if they knows that they will end up losing their money without having a chance to gain some profit. They are only pointing out the disadvantages of digital currencies and they didn't even talk about a single good usage of it which is not a good sign.
May 07, 2019, 03:39:38 AM
Wow, do they even know that you don't really "fabricate" bitcoin? You can fabricate USD, you can even fabricate fake ones easily, as all the darkmarkets online will testify. But you can't just create Bitcoin out of thin air without the proper equipment (and a bit of luck). Besides, haven't they learnt that if you make anything that is related to Bitcoin as illegal, you just push them underground? Smart move is to legalize and then take your cut.
May 07, 2019, 03:33:02 AM
At the moment and after our development, governments can not control this issue. Online communication is open and there is no obstacle for currency traders.
May 07, 2019, 03:23:21 AM
They have a lot of reasons not to adopt the blockchain technology. The economy of Saudi is standing firm and steady that they don't need crypto to enhance their assets.
Also, we all know how huge is the terrorism rate in countries like Saudi so they are getting the risk of adopting crypto because it might be used by criminals to pursue terrorism and other crimes.
Also, we all know how huge is the terrorism rate in countries like Saudi so they are getting the risk of adopting crypto because it might be used by criminals to pursue terrorism and other crimes.
May 07, 2019, 02:38:47 AM
And it means that country will still be divide whether bitcoin presented itself as a good case. Heck, even G20 members doesn't even agree on the benefits that bitcoin can bring. So there will be a lot of nations who will chose not to side on bitcoin because of the freedom it can give to their population.
This would work against them. The harder they press, the stronger the rebellion grows. Every action has an equal and opposite reaction. The goverments from these countries think that they can ban crypto completely when they know that they are only fooling themselves.They can only regulate the crypto market to an extent and nothing more.
May 07, 2019, 02:32:27 AM
Trading in a pet or other digital currency is illegal
A new committee, headed by the Capital Market Authority of Saudi Arabia, comprising representatives of the Ministry of Commerce and Investment, the Ministry of Information and the Saudi Arabian Monetary Agency, issued an official statement reaffirming the illegality of the circulation of Betkin and other digital currencies.
The warning was issued amid a host of websites and social media accounts promoting digital currencies. According to the committee, "no party or individual is authorized to carry out such practices." Moreover, dealing with digital currencies falls outside government authority. The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies and to stress that they had been used in illegal activities. It should be noted, however, that reports from a wide range of Governments around the world show otherwise.
A report on organized crime was released by the Ministry of Finance and Treasury in Hong Kong, in which the digital currency was not a threat. The Canadian Quebec provincial government also found that the use of anthrax for illicit activity had already declined. The National Crime Enforcement Agency of the United Kingdom also determined that the amount of digital currency used for illicit activity was "relatively low".
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In addition, in February 2018, Ripple also entered into a deal with the Saudi Central Bank. The bank will reportedly benefit from its own xCurrent software to easily execute cross-border payments through full process tracking.
So are they going to support their state currency till the end?? That's insane, let's just give the path for BTC to walk in A new committee, headed by the Capital Market Authority of Saudi Arabia, comprising representatives of the Ministry of Commerce and Investment, the Ministry of Information and the Saudi Arabian Monetary Agency, issued an official statement reaffirming the illegality of the circulation of Betkin and other digital currencies.
The warning was issued amid a host of websites and social media accounts promoting digital currencies. According to the committee, "no party or individual is authorized to carry out such practices." Moreover, dealing with digital currencies falls outside government authority. The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies and to stress that they had been used in illegal activities. It should be noted, however, that reports from a wide range of Governments around the world show otherwise.
A report on organized crime was released by the Ministry of Finance and Treasury in Hong Kong, in which the digital currency was not a threat. The Canadian Quebec provincial government also found that the use of anthrax for illicit activity had already declined. The National Crime Enforcement Agency of the United Kingdom also determined that the amount of digital currency used for illicit activity was "relatively low".
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In addition, in February 2018, Ripple also entered into a deal with the Saudi Central Bank. The bank will reportedly benefit from its own xCurrent software to easily execute cross-border payments through full process tracking.
May 07, 2019, 01:40:02 AM
Quote
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In other words, the only cryptocurrency the government will be recognizing is that one that comes from the state...nothing else. This is actually just about control and anything that the government has no control it is automatically illegal. Now, in the Middle East, we should not be expecting that much from its governments as they are used to the tight grip on power and that of their citizens. Bitcoin is representing a rrebellionaway from the government and this idea is frown upon in many Middle East countries.
It seems that that is how they want to go. They are treathened by the usage of cryptocurrency in illicit acts such as terrorism, fraud, money laundering, etc. Their view on crypto is more on it's bad side and less than it's usage and convenience.
And it means that country will still be divide whether bitcoin presented itself as a good case. Heck, even G20 members doesn't even agree on the benefits that bitcoin can bring. So there will be a lot of nations who will chose not to side on bitcoin because of the freedom it can give to their population.
May 07, 2019, 01:22:03 AM
They are literally just wanting to make their own currency and shut down the competition as early as now. This is one of the highest level of hypocrisy: banning something that oneself will use anyway but with just their own rules, produce, and regulations. I don't blame them though if they don't want competition and they want their economy to prosper, but outright banning something that falls under the same category as the one you are planning to launch is somewhat confusing for the masses.
It is clear that they want to avoid future problems regarding uncontrollable issues such as digital currencies. It is well noted that digital currencies are decentralized, as much as possible the power of Royal Family shall remain intact. They will just replace it with a decentralized one, I don't see any problems with governments that wants to enhance it's economy on transaction speeds using blockchain. I don't want to see people rallying across the nation wanting to legalize that is not possible. In any case, people that go against the Royal government of Saudi will be judge accordingly, they are strict and people won't just be doing stupid stuffs like that and get beheaded.
May 07, 2019, 01:16:00 AM
Quote
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In other words, the only cryptocurrency the government will be recognizing is that one that comes from the state...nothing else. This is actually just about control and anything that the government has no control it is automatically illegal. Now, in the Middle East, we should not be expecting that much from its governments as they are used to the tight grip on power and that of their citizens. Bitcoin is representing a rrebellionaway from the government and this idea is frown upon in many Middle East countries.
It seems that that is how they want to go. They are treathened by the usage of cryptocurrency in illicit acts such as terrorism, fraud, money laundering, etc. Their view on crypto is more on it's bad side and less than it's usage and convenience.
May 06, 2019, 11:34:31 PM
^^
This is why it is outright banned there and in other middle eastern countries such as Qatar and Iraq.
United arab of emirates sees it as neither because they are allowing its use and for a way of transmitting tender from its fiat system just like other countries are.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Some more countries there in the works to allow its technology as they are labelled as planned.
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east
This is why it is outright banned there and in other middle eastern countries such as Qatar and Iraq.
United arab of emirates sees it as neither because they are allowing its use and for a way of transmitting tender from its fiat system just like other countries are.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Some more countries there in the works to allow its technology as they are labelled as planned.
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east
This is not a good decision by the Saudi government , even the Saudia arabia neighboring country UAE supports crypto and is planning to develop its own coin which will be used as a currency all over Dubai. I think governments should re-evaluate such decisions which involve ban on bitcoin and crypto currencies.
May 06, 2019, 11:26:36 PM
This is not the right thing to be done from a country that prosper with the oil economy. When there is no competence the growth won't be that big. Dubai says strong, because it believes in the potential of the technology and they have begun its use on the logistics industry. Countries that have been restricting the use of bitcoin will understand the need and will allow its use.
Right, Dubai seems to look at crypto in a different way. Saudi Arabia is still on the traditional, just like India so I would make sense for their government to stay this way so don't be surprised about their hard line stance against bitcoin and the rest of crypto.
While Dubai was very open and as compare to other Muslim countries in the Middle East. The country is already rich as f**k, but it doesn't mean they should stop their forward thinking.
May 06, 2019, 11:17:09 PM
This is not the right thing to be done from a country that prosper with the oil economy. When there is no competence the growth won't be that big. Dubai says strong, because it believes in the potential of the technology and they have begun its use on the logistics industry. Countries that have been restricting the use of bitcoin will understand the need and will allow its use.
May 06, 2019, 10:15:21 PM
They are literally just wanting to make their own currency and shut down the competition as early as now. This is one of the highest level of hypocrisy: banning something that oneself will use anyway but with just their own rules, produce, and regulations. I don't blame them though if they don't want competition and they want their economy to prosper, but outright banning something that falls under the same category as the one you are planning to launch is somewhat confusing for the masses.
May 06, 2019, 09:57:58 PM
^^
This is why it is outright banned there and in other middle eastern countries such as Qatar and Iraq.
United arab of emirates sees it as neither because they are allowing its use and for a way of transmitting tender from its fiat system just like other countries are.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Some more countries there in the works to allow its technology as they are labelled as planned.
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east
This is why it is outright banned there and in other middle eastern countries such as Qatar and Iraq.
United arab of emirates sees it as neither because they are allowing its use and for a way of transmitting tender from its fiat system just like other countries are.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Some more countries there in the works to allow its technology as they are labelled as planned.
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east
May 06, 2019, 09:47:22 PM
Quote
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In other words, the only cryptocurrency the government will be recognizing is that one that comes from the state...nothing else. This is actually just about control and anything that the government has no control it is automatically illegal. Now, in the Middle East, we should not be expecting that much from its governments as they are used to the tight grip on power and that of their citizens. Bitcoin is representing a rrebellionaway from the government and this idea is frown upon in many Middle East countries.
May 06, 2019, 08:06:39 PM
Trading in a pet or other digital currency is illegal
A new committee, headed by the Capital Market Authority of Saudi Arabia, comprising representatives of the Ministry of Commerce and Investment, the Ministry of Information and the Saudi Arabian Monetary Agency, issued an official statement reaffirming the illegality of the circulation of Betkin and other digital currencies.
The warning was issued amid a host of websites and social media accounts promoting digital currencies. According to the committee, "no party or individual is authorized to carry out such practices." Moreover, dealing with digital currencies falls outside government authority. The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies and to stress that they had been used in illegal activities. It should be noted, however, that reports from a wide range of Governments around the world show otherwise.
A report on organized crime was released by the Ministry of Finance and Treasury in Hong Kong, in which the digital currency was not a threat. The Canadian Quebec provincial government also found that the use of anthrax for illicit activity had already declined. The National Crime Enforcement Agency of the United Kingdom also determined that the amount of digital currency used for illicit activity was "relatively low".
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In addition, in February 2018, Ripple also entered into a deal with the Saudi Central Bank. The bank will reportedly benefit from its own xCurrent software to easily execute cross-border payments through full process tracking.
A new committee, headed by the Capital Market Authority of Saudi Arabia, comprising representatives of the Ministry of Commerce and Investment, the Ministry of Information and the Saudi Arabian Monetary Agency, issued an official statement reaffirming the illegality of the circulation of Betkin and other digital currencies.
The warning was issued amid a host of websites and social media accounts promoting digital currencies. According to the committee, "no party or individual is authorized to carry out such practices." Moreover, dealing with digital currencies falls outside government authority. The Commission also took the opportunity to clarify the risks associated with the circulation of these currencies and to stress that they had been used in illegal activities. It should be noted, however, that reports from a wide range of Governments around the world show otherwise.
A report on organized crime was released by the Ministry of Finance and Treasury in Hong Kong, in which the digital currency was not a threat. The Canadian Quebec provincial government also found that the use of anthrax for illicit activity had already declined. The National Crime Enforcement Agency of the United Kingdom also determined that the amount of digital currency used for illicit activity was "relatively low".
On the other hand, while the Commission has issued official warnings about the illegality of the circulation of Betkin and other digital currencies, the Kingdom itself is working on a joint venture with the United Arab Emirates concerning the issue of a digital currency for cross-border transactions. Where he stated that the planned currency would be supported by the technology of the blockin.
In addition, in February 2018, Ripple also entered into a deal with the Saudi Central Bank. The bank will reportedly benefit from its own xCurrent software to easily execute cross-border payments through full process tracking.
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