Is cryptocurrency trading legal in Saudi Arabia?

State officials in Saudi Arabia have reminded citizens that trading in cryptocurrency is illegal in the country. This reminder comes following the recent emergence of virtual currency trading promotions in the Arab nation. The Kingdom of Saudi Arabia recently reinforced its stance on the illegality of cryptocurrency trading in the country.

Where is cryptocurrency legal?

Crypto is legal in Russia but is restricted. Banks and exchanges have to be registered by the Central Bank and crypto cannot be used as a payment method. Saudi Arabia. Once banned, Bitcoin is now legal in the country. Banks, however, are banned from participating.

Which countries have banned cryptocurrencies?

Although cryptocurrencies are regarded as illegal in Ghana, the Bank of Ghana sees blockchain’s potential and are assessing how to fit it into their financial structure. Nepal. Nepal’s central bank has banned Bitcoin because it is not a legal currency. The Republic of Macedonia.

Is cryptocurrency trading allowed in Islam?

In Egypt, the Grand Mufti, Sheikh Shawki Allam, endorsed a ban on digital currency trading, saying that it is fraudulent, cheating, and forbidden in Islam. In February 2018, Saudi Arabian bank, Al Rajhi Bank, announced that it had run a successful trial using Ripple technology.