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Kuwait does not recognize Bitcoin

The Ministry of Finance of Kuwait states that it does not recognize bitcoin and that financial institutions are prohibited from trading in the cryptocurrency.

19.Dec.17 1:10 PM
By Daria Zaytseva


Kuwait does not recognize Bitcoin

According to Arab Times, sources from the ministry explained that the Central Bank of Kuwait does not allow financial institutions, banks and affiliated companies to trade bitcoin after the recent price increase.

However, the sources added that neither the Ministry of Finance nor the central bank can regulate the trade in bitcoin as a whole, since they do not recognize the cryptocurrency. In addition, trading of bitcoin is "out of control" of the authorities, as it is managed via the Internet, sources said.

With bitcoin not supported by the central body, the central bank has earlier asked the Ministry of Trade and Industry to take measures to inform consumers about the risks of the digital currency, the sources added.

The Arab Times reported on December 16 that Kuwaiti citizens are on the "forefront" of trading bitcoin after the recent price increase. Sources from the prosecutor's office indicated that Kuwaiti law cannot prohibited online trading, as it falls under the laws of "electronic programs".

Elsewhere in the Middle East, the Central Bank of the United Arab Emirates said in February this year that bitcoin is not banned in the country.

That statement followed the release of the electronic payment system on January 1 from the central bank, which states that "all virtual currencies (and any transactions) are prohibited."

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