SAMA bans Bitcoin transactions

SAMA bans Bitcoin transactions
SAMA is afraid that Bitcoin could be used in the illegal money transfers

Riyadh – Mubahser: The Saudi Arabian Monetary Agency (SAMA) on Tuesday decided to ban all banking transactions using the digital “Bitcoin”​ currency, Makkah newspaper reported, citing sources as saying.

SAMA justified its decision on the grounds that this type of currency is not regulated by a central bank and is not shown on the financial statements of the international companies dealing with it.

Moreover, the Bitcoin could be used in the illegal money transfers, especially that it is not subject to any tax regulation, the sources added.

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Source: Mubasher

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