So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:
Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.
It amazes me how these regulators always used money laundering as an excuse for banning cryptocurrency in their country. For crying out loud, people still launder money with the Kuwait dinar, so why ban crypto?
quote author=Z390 link=topic=5460425.msg62576543#msg62576543 date=1689847097]
That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted.
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Kuwait's crypto adoption might not be compared to other parts of the world like US and China but I believe there are individuals and businesses they are going to suffer as a result of this development. Kuwait is the cheapest country to mine Bitcoin, all the miners that have been taking advantage of the country's cheap electricity will have to pack up or go elsewhere. This is not good at all and I hope the government makes a u-turn very soon.