Bitcoin Forum

I am sure that the Kuwait's Ministry of Finance decided on the whole matter without first consulting and talking with people who are in the know about the real score, issues, concerns and possible incentives surrounding Bitcoin. In due time, there is still that chance that Kuwait will welcome Bitcoin and cryptocurrency if they can see that other Arab countries are already into this and have already experienced the economic benefits this can brought on to the country. Time can only tell of what can be the fate of cryptocurrency within the whole Middle East which is generally controlled by a different culture and mindset compared to the West.

And then they will understand what can not be forbidden. And they will think about how to regulate it. I think they did not fully understand how to get a profit for themselves.

my opinion kuwait country has not understood about bitcoin and they think with this virtual currency will be bad for their currency, but with the entry of this digital currency trading can improve the economy of his country, If prohibiting entry bitcoin to his country "it's wrong", because the entry bitcoin can increase the country's foreign exchange.

It's an obvious thing as bitcoin recently become a speculative object and most people invest in bitcoin expecting profits in relatively short-term. But, as long as there is no any official regulations that prohibit bitcoin being used in a country, people still can trade bitcoin, look at the statement: Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

Financial institutions and banks cannot trade bitcoin, but people are free to do it. Unless banks don't want to affiliate with exchanges which caused people have to do peer-to-peer trading or OTC trading.

I am not at all surprised by the crackdown on Bitcoin in Kuwait. Typically, countries which do not care about the rights / freedom of its people are the first to act against Bitcoin. The Middle East is not known to be a tolerant and progressive place.

The thread title is misleading.

My take is that they are not actually prohibiting bitcoin for ordinary people. According to the article, the Kuwaiti law cannot prohibit online trading because "it falls under the laws for “e-programs”. I don't really know what is meant by these “e-programs” but it seems quite straightforward and transparent that simple traders are pretty safe and free to trade bitcoin in Kuwait for now.

I think the major concern for any government is that it is not their space where they can regulate it 100% by themselves so it becomes difficult for them to regulate. Thus majorly due to this many countries do not want to take any risk which could lead to various scam or citizens of their country lose their money.

I totally agree mate. This is another clickbait articles. With bitcoin's popularity, everyone is riding on it and there are thousands of articles everyday who is very misleading and utter garbage. Kuwait Trading Institutions is not the same as a trading platform. And I think that "individuals" are safe, the warning as just given to banks and other financial institutions. And as far as Arab countries, they are still divided like the rest of the globe. Some are very friendly while other Arab nation is totally against it. It's gonna be a tug of war that will continue as long as bitcoin is with us. But rest assured that the only victims here are not bitcoin market, but those people who is very unfortunate that they live in a nation that hates bitcoin and cryptos.

Time will tell what waits for the future of Arab countries! We are hoping more will hop on board as well!

It seems that in Kuwait it is forbidden to deal with crypto currency only to financial companies, banks and similar institutions and citizens such a ban does not apply.
      Apparently, the government of Kuwait was frightened by a sharp increase in the cost of bitkoy on the eve of up to $ 20,000, and possibly, followed by an equally sharp decline in its price. Of course, for the economy of any state to have money that behave in a similar way, this means subjecting the economy to an imbalance. That's the first reaction of the state - to prohibit bitokoyn as a threat to the economy. However, I think that this decision is hasty and ill-considered. In the future, Kuwait should treat the crypto currency more loyal.

Kuwait joins the list of the countries whose central bank decided to not bother with regulating the crypta
they just prohibited the use of bitcoins to the financial institutions,effectively banning bitcoins in the country
common folks can recieve and send coins as before,but they won't be able to sell or exchange them legally
this could mean that CB of Kuwait is looking to regulate it in the future and just bans cryptocurrencies to avoid possible
money loss by the population due to the volatilitility and high speculative risks at the moment
or they just don't want to bother with the legislation and want to cut financial institution from dealing with this asset
in any case,this is shortsighted at best-the earlier you adopt and create a safe environment for the cryptocurrencies in a country
the better chances to become one of the hubs and profit from it in the future (just look at Korea nd Japan as examples)

Turkey is not Arabic country, but has the same religion, so, their imam said that bitcoin is out of the Koran, the same as people who use it.
Kuwait is forbid crypto trading, but there is no word about just holding and investing into crypto currencies. I am wander what is their decision about that point?