World News

U.S. not to intervene in Canada-Saudi Arabia row

U.S. not to intervene in Canada-Saudi Arabia row

The authorities also pointed out that cryptocurrency trading is not supervised by the government and it also has a reputation for being used in many illegal activities.

In the wake of an ongoing diplomatic dispute between Saudi Arabia and Canada, a Saudia Airlines pilot's cordial goodbye to Canadian air traffic controllers may be proof that the political row hasn't hurt all relations between the two countries.

In an August 12 announcement, Saudi Arabia's Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market declared digital currency trading to be illegal "inside the Kingdom of Saudi Arabia".

The standing committee also warned Saudi Arabians about the risks involved with investing in digital currencies.

Curiously, despite the statement from the joint committee, there are still venues allowing Saudi Arabian traders to buy and sell digital currencies.

More news: Starstruck: Perseid meteor shower returns to night sky

The standing committee was formed by the supreme decree headed by the CMA. The committee was brought into existence by 5 of the Middle East nation's watchdog which included the Saudi Arabian Monetary authority, Capital Market Authority, and the country's de facto bank.

The statement does not indicate what the consequences might be for parties found to be trading in cryptocurrencies.

It is one thing for a country's government to disagree with a concept or practice such as cryptocurrency trading and to publicly discourage citizens from partaking in such a practice, as in the case of the United Kingdom, but to deem it "illegal" changes the demographic completely, especially in a nation notorious for draconian and medieval forms of punishment such as Saudi Arabia, although at the time of writing, no official form of punishment had been announced.

After recent drops in the price of bitcoin and other cryptocurrencies, the government's central bank felt the need to remind citizens of the risks of trading, both financial and legal.


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