Kuwaiti banks ban use of Bitcoin digital currency

Kuwaiti banks ban use of Bitcoin digital currency

Kuwaiti banks ban use of Bitcoin digital currency

Banks operating in Kuwait have banned any use of the worldwide cryptocurrency and digital payment system Bitcoin, Al Qabas newspaper reported.

The Kuwait Central Bank conducted a wide-ranging survey which revealed that local banks prohibit the use of digital risks.

The central banking authority has also issued studies on the risks which may result from the use of the Bitcoin and the exposure of local banks on the digital currency.

The study has revealed that a number of local banks have already set their own internal policies which prohibit the use of Bitcoin.

The central bank has also issued a circular, urging all financial and banking institutions to take the necessary measures to caution their customers on the risks of dealing with the digital currency in their transactions.

The central bank has also sent a correspondence to the Ministry of Commerce and Industry, urging officials to enforce preventive measures and draw the attention of the entities under its authorities to the dangers of using Bitcoin.

Saudi Arabian Monetary Authority last July issued a statement in which it announced that the Bitcoin is not accredited in Saudi Arabia, warning against using any cyber currency.

Many other countries, including China, have officially banned the use of Bitcoin, which operates without regulations or repository.