Can I buy Bitcoin in Saudi Arabia?

Tawna Sahsman asked, updated on February 14th, 2021; Topic: bitcoin
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Bitcoin & Cryptocurrency Trading in Saudi Arabia Bitcoin is legal in Saudi Arabia and there are no restrictions on individuals purchasing or spending Bitcoin. Banks, on the other hand, are banned from dealing with the cryptocurrency.

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Never mind, is Bitcoin illegal in Saudi Arabia?

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.

Somehow, is owning Bitcoin illegal? As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. ... Even where Bitcoin is legal, most of the laws that apply to other assets also apply to Bitcoin. Tax laws are the area where most people are likely to run into trouble.

Suitably, in what countries is Bitcoin illegal?

Countries that have banned Bitcoin

  • Bolivia. Bolivia has once again reaffirmed its reluctance to allow the use of cryptocurrencies in the country due to recent criminal practices carried out by some inhabitants. ...
  • Bangladesh. ...
  • Iran. ...
  • Nepal. ...
  • India. ...
  • Denmark. ...
  • Ecuador.

Are Bitcoins legal in India?

As it stands, bitcoin buying, selling, trading, or mining is not illegal by any law in India. Tellingly, the publication's source also adds that any decision that ruled the cryptocurrency to be illegal in India would mean that India's nascent but growing bitcoin industry will have to shut down.

3 Related Questions Answered

Who is the richest person in Bitcoin?

5 of the World's Top Bitcoin Millionaires
  • Barry Silbert.
  • Blythe Masters.
  • Dan Morehead.
  • Tyler and Cameron Winklevoss.
  • Michael Novogratz.

Why is Bitcoin not illegal?

This is both because Bitcoin cannot be a worldwide currency, and because Bitcoin can succeed without becoming that worldwide currency. Classically, a currency must act as a medium of exchange, a unit of account, and a store of value. ... So Bitcoin is not suited to be a global currency.

Are Bitcoins safe to buy?

That's the good news—if you own Bitcoins. ... Make no mistake, cryptocurrency trading is risky, security-wise, even as cryptocurrency advocates promote Bitcoin as a safe way to buy and sell goods and services. That's primarily because the investor usually has total control over transactions, with no central authority.