A special standing committee in Saudi Arabia deems cryptocurrency trading illegal in light of a number of websites and social media accounts promoting them.
Investing in or trading cryptocurrencies is always accompanied by risks. Volatility is inevitable in an exchange that never sleeps, and scams are probable in an unregulated market. These are among a variety of reasons that caused the Kingdom of Saudi Arabia’s standing committee to deem Bitcoin and all other altcoins illegal.
Another basis for this call is that cryptocurrency have been used as a means for criminal activity. And because the blockchain is powered by decentralized nodes, this makes it harder for the government to oversee transactions done through it.
The standing committee is a roundup of different government ministries in Saudi Arabia, lead by its the Capital Market Authority.