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Kingdom of Saudi Arabia (المملكة العربية السعودية) regulators issued a statement this week through its monetary authority. Cryptocurrencies such as bitcoin are illegal in the country. Citing “negative consequences” and “high risk,” the government believes it must protect subjects from themselves.  

Dated 8 August 2018, مؤسسة النقد العربي السعودي, the Saudi Arabian Monetary Authority (SAMA) began, “The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision.”

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