No Evidence Saudia Arabia Banned Cryptocurrencies
The Claim
Saudi Arabia's Government ban cryptocurrencies.
News posted on
Emerging story
Social media users claimed that Saudia Arabia banned cryptocurrencies. Users started circulating the claim after Investigating.com, a finance verified Twitter account, tweeted that Saudia Arabia forced a complete ban on cryptocurrencies.
Misbar’s Analysis
While Bitcoin is legal in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned digital currencies, while others have tried to cut off any support from the banking and financial system essential for its trading and use. Saudia Arabia is not among the countries that banned cryptocurrencies. Misbar's team did not find any evidence that supports the circulating claim.
However, fake news related to Saudi Arabia and cryptocurrencies has been circulating since 2018.
Coin Speaker predicted that Saudi Arabia would become the world’s leading country in Crypto in the ten coming years.
