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 sure that the Kuwait's Ministry of Finance decided on the whole matter without first consulting and talking with people who are in the know about the real score, issues, concerns and possible incentives surrounding Bitcoin. In due time, there is still that chance that Kuwait will welcome Bitcoin and cryptocurrency if they can see that other Arab countries are already into this and have already experienced the economic benefits this can brought on to the country. Time can only tell of what can be the fate of cryptocurrency within the whole Middle East which is generally controlled by a different culture and mindset compared to the West.
Turkey is not Arabic country, but has the same religion, so, their imam said that bitcoin is out of the Koran, the same as people who use it.
Kuwait is forbid crypto trading, but there is no word about just holding and investing into crypto currencies. I am wander what is their decision about that point?