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?The thread title is misleading.
My take is that they are not actually prohibiting bitcoin for ordinary people. According to the article, the Kuwaiti law cannot prohibit online trading because "it falls under the laws for e-programs. I don't really know what is meant by these e-programs but it seems quite straightforward and transparent that simple traders are pretty safe and free to trade bitcoin in Kuwait for now.
I totally agree mate. This is another clickbait articles. With bitcoin's popularity, everyone is riding on it and there are thousands of articles everyday who is very misleading and utter garbage. Kuwait Trading Institutions is not the same as a trading platform. And I think that "individuals" are safe, the warning as just given to banks and other financial institutions. And as far as Arab countries, they are still divided like the rest of the globe. Some are very friendly while other Arab nation is totally against it. It's gonna be a tug of war that will continue as long as bitcoin is with us. But rest assured that the only victims here are not bitcoin market, but those people who is very unfortunate that they live in a nation that hates bitcoin and cryptos.