Bitcoin BANNED: Kuwait refuses to trade cryptocurrency amid price SURGE

Wednesday, December 20, 2017
By Paul Martin

KUWAIT has banned bitcoin trading as the Ministry of Finance cracks down on the cryptocurrency and forbids financial institutions from trading the tokens.

Wed, Dec 20, 2017

The Ministry said the Central Bank of Kuwait does not allow any banks or financial institutions to trade bitcoin following its sporadic vast increases in price.

Now the Ministry and Central Bank say they are not in a position to regulate bitcoin with sources branding proceeds from bitcoin trading “illegal and unclean money”.

Sources from the Ministry said bitcoin trading is “out of control” of the official Kuwait financial organisations as the cryptocurrency is managed through the internet.

As the cryptocurrency is not backed by a central authority, the Central Bank has asked the Ministry of Commerce and Industry to try and warn consumers over the risk of bitcoin.

The public prosecution office also indicated that Kuwaiti law does not allow online trading as it falls under the umbrella laws for “e-commerce”.

Sources from the Ministry of Finance said: “However, the proceeds of bitcoin that are wired from abroad to Kuwait are considered as illegal and unclean money, because the Kuwaiti law does not consider those currencies.”

Banks have asked that the ministerial decision be pushed back to April 2018 instead of coming in to play at the end of this year.

Kuwaiti citizens were a big part of trading in bitcoin and some citizens bought in to bitcoin back when the it was valued at $4,000.

The Rest…HERE

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