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Saudi nationals warned against investments in cryptocurrencies

KSA
GDN Online Desk


Saudi nationals have been warned against embarking on hazardous investments in cryptocurrencies, according to Almowaten

“There is no monetary oversight inside Saudi Arabia over digital currencies which involve high risks,” said the Capital Market Authority.

It warned that digital currencies, which operate independently of any central bank, expose investors to speculative bubbles, loss of capital, fraud, high market volatility, cyber hacking and lack of transparent evaluative regulations.

In a statement issued yesterday, the Capital Market Authority said that it would be difficult to protect investors as Saudi Arabia has no oversight on the digital currency.

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