Virtual currencies not approved in Saudi Arabia, government committee warns

The Standing Committee for Awareness on Dealing with Unauthorized Securities Activities in the Foreign Exchange Market (Forex) warns virtual digital currencies are not supported within the Kingdom and dealing with them is risky. (AFP)
Updated 12 August 2018
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Virtual currencies not approved in Saudi Arabia, government committee warns

JEDDAH: Saudi Arabia's special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) has warned against transactions and investments using virtual currencies.
The committee, assembled by a royal order, has warned that such transactions could have “negative consequences” on dealers because of the associated risk with such dealings that are "outside the monitoring umbrella within Saudi Arabia.
The committee said such virtual or cryptocurrencies that are traded through the internet, like Bitcoin and similar virtual currencies, are not approved in the Kingdom.
It said “allegations” on websites that promote investments in such currencies on the internet and social media platforms claiming that they are “authorized” by official authorities in the Kingdom are incorrect.
It warned citizens and residents “not to drift” behind Forex activities that exploit the public's for fast earnings.


Saudi ambassador to US: Establishing peace is one of the pillars of Kingdom’s foreign policy

Updated 20 September 2018
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Saudi ambassador to US: Establishing peace is one of the pillars of Kingdom’s foreign policy

Saudi Arabia’s ambassador to the United States, Prince Khalid bin Salman, said the signing of the peace agreement between Ethiopia and Eritrea is part of the kingdom’s foreign policy in establishing peace and stability.

“The Kingdom has always been the cornerstone of peace in the region and the world, and has spared no effort in many countries, foremost among them Palestine, Lebanon, Afghanistan and many others,” the ambassador said.

“As some countries begin to cultivate sectarian divisions, the kingdom seeks to resolve their disputes,” he added.

He expressed his thanks to the UAE in their efforts in the signing of the peace deal between the two countries.

The ambassador pointed out that the security of the Red Sea, especially the Bab Al Mandab Strait and the Horn of Africa, is one of the Kingdom’s security concerns, regionally and globally.

The ambassador stressed the Kingdom’s continued efforts to preserve security in this region from external threats, including Iranian-backed militias as well as piracy.