Bitcoin banned in Kuwait for banks and companies

[Injalit]

Bitcoin banned in Kuwait for banks and companies

CCN reports that the Ministry of Finance and the Central Bank of Kuwait refused to recognize Bitcoin and ordered financial institutions and companies under their control to prohibit trade using crypto currency.

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[wildmasti]

Can we import asic antminer machines . ?  What about custom clearence ?

[Kakmakr]

These governments implement these silly regulations and bans in the hope that they would stop Bitcoin, but they only push people to go underground with Bitcoin and other Crypto currencies. The direct impact of that is the loss in potential trade and tourist income and also lost taxes for that government.

Bitcoin also becomes more desireble when it is banned. <The forbidden fruit>

[HabBear]

Bitcoin banned in Kuwait for banks and companies

CCN reports that the Ministry of Finance and the Central Bank of Kuwait refused to recognize Bitcoin and ordered financial institutions and companies under their control to prohibit trade using crypto currency.

This doesn't sound that bad. Based on what you've written, Kuwait has decided that its government and entities, organizations, or departments of the Government will not recognize Bitcoin. They say nothing about commercial enterprises honoring Bitcoin.

Has it been said anywhere that it's illegal to own Bitcoin? Or illegal to use Bitcoin to buy something?

[Laregrell]

users in Kuwait  can go to Dubai and cash them bitcoins.

bitcoin can’t be stopped by any government

[davis196]

Bitcoin banned in Kuwait for banks and companies

CCN reports that the Ministry of Finance and the Central Bank of Kuwait refused to recognize Bitcoin and ordered financial institutions and companies ^{under their contro}l to prohibit trade using crypto currency.

More

Only the government owned banks and companies are banned from using bitcoin.There`s nothing about the private companies and banks and any cryptocurrency related restriction over them.Countries like Kuwait have a big problem with corruption and the goverment clerks might use cryptocurrencies to hide the money they get from ransomes.Anyway,who cares about Kuwait.

[HasHe]

These governments implement these silly regulations and bans in the hope that they would stop Bitcoin, but they only push people to go underground with Bitcoin and other Crypto currencies. The direct impact of that is the loss in potential trade and tourist income and also lost taxes for that government.

Bitcoin also becomes more desireble when it is banned. <The forbidden fruit>

Exactly.The same thing which happened in china would be soon seen in kuwait.People would go for countersales P2P and the government in no way would be able to stop them from using bitcoin.These countries should learn a lesson from japan which adopted bitcoin and successfully handling it.

These gulf countries try their best to stay away from technological advancements and feel comfort with their traditional systems with Dubai being an exception.

Dubai has already adopted blockchain technology and soon we could hope that it would adopt bitcoin too unlike kuwait.

[stompix]

Again some clickbait title... begging for hits

The original article states:

Kuwait’s Ministry of Finance does not recognize the virtual currency ‘Bitcoin’ and forbids its trading in the Kuwaiti financial institutions. The sources pointed out both the Ministry of Finance and the Central Bank of Kuwait cannot punish trading because they do not recognize it, not to mention it is a virtual currency used for ‘exchange’ without a central authority or intermediary.

Simply put.
Banks and financial institution owned by the government are not allowed to trade BTC.

Nothing special. I have yet to hear from government institution anywhere in the world to have been involved in crypto trading. Even in Japan.
Again, it is about trading not buying and not owning or paying for stuff with it.

The sources added the encrypted electronic currency is not guaranteed by the banking system or the Central Bank and the Central Bank had earlier asked the Ministry of Commerce and Industry to take the necessary measures to inform customers of the risks of this currency.

They don't want to get involved in this, as a country.
But you as a citizen are free to do whatever you want.

[khaled0111]

Nothing new here, all governments prohibit their financial institutions and banks under their control from trading Crypto currency.
Even most developed countries refuse to recognize Bitcoin and the obvious reoson is lack of regulations.
You should have mentioned that the government of Kuwait didn't prohibit ordinary users from trading Bitcoin:

Kuwaiti regulators have no grounds for prohibiting the trade in crypto-currencies by ordinary users

=> The Central Bank of Kuwait's statement will have no effect on the cryptocurrency market.