Re: [2017-12-19] Kuwait Prohibits Bitcoin

Quote from: jjacob on December 23, 2017, 08:22:51 AM

Quote from: Rick Nolan on December 19, 2017, 12:29:53 PM

On December 18 Kuwaits Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

According to the 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 in the wake of the recent surge in prices.

Read more: https://hype.codes/kuwait-prohibits-bitcoin

What is your opinion about future of bitcoin in arabic countries?

I am not at all surprised by the crackdown on Bitcoin in Kuwait. Typically, countries which do not care about the rights / freedom of its people are the first to act against Bitcoin. The Middle East is not known to be a tolerant and progressive place.

I think the major concern for any government is that it is not their space where they can regulate it 100% by themselves so it becomes difficult for them to regulate. Thus majorly due to this many countries do not want to take any risk which could lead to various scam or citizens of their country lose their money.