December 19, 2017      09:27

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Kuwait does not recognize virtual currency Bitcoin, clarifies Ministry of Finance


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Kuwait: Kuwait Ministry of Finance does not recognize the virtual currency ‘Bitcoin’ and forbids its trading in the Kuwaiti financial institutions, local news paper Al-Rai reported quoting sources.

According to Arabic news paper report, both the Ministry of Finance and the Central Bank of Kuwait cannot punish trading because they do not recognize it, not to mention it is a virtual currency used for ‘exchange’ without a central authority or intermediary.

The Central Bank of Kuwait prevents the banking sector and the companies under its control from trading in Bitcoin, especially after the demand for Bitcoin significantly shot up recently.

The prohibition of the Central Bank in this regard includes acceptance of its use for payment or opening portfolios as well as mediation between the parties.

The sources added the encrypted electronic currency is not guaranteed by the banking system or the Central Bank and the Central Bank had earlier asked the Ministry of Commerce and Industry to take the necessary measures to inform customers of the risks of this currency.


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