[2017-10-24] Saudi Arabia’s Regulators Not Looking to Regulate Bitcoin

[iamTom123]

Saudi Arabia is one of those countries that want to be neutral as far as the Bitcoin regulatory issue is concerned. The Saudi Arabian government has openly come out to say it is not considering regulating Bitcoin in the country. At a time when a lot of national governments are trying to hem the digital currency from growing, others are being careful not to get involved in regulating cryptocurrencies. However, there are those that want to be neutral on the issue. Saudi Arabia is one of those countries that want to be neutral as far as the issue is concerned.

Market is Not Mature to Regulate Bitcoin and ICOs. Recently, a top advisor of the Saudi Arabia Financial regulator informed CNBC Sunday, how the cryptocurrency market in Saudi Arabia is not mature enough in assessing the influence that these cryptocurrencies may have on the economy and regulation.

Another top advisor, Abdulmalik Al-Sheikh of the Saudi Arabian Monetary Agency (SAMA), noted how cryptocurrencies are not what SAMA as a body is focused on in regulating currently. According to him, it (cryptocurrency) is in its infant stage with trials and pilots everywhere. He didn’t consider it as something strong in which there is an urgency to be part of at the moment. This comment came as a result of the FinTech event in Abu Dhabi.

Taken from NewsBTC.com.

Indeed, Bitcoin is still relatively small and still so young so that any government should not be alarmed about it. In Saudi Arabia, they are flowing with money and the government is not cash-strapped to give so much attention on Bitcoin and cryptocurrency. Maybe the Saudi Arabian regime is just watching a little bit on Bitcoin and they realized it is not a real threat to its big economy...it is just peanuts for them. And this actually be good news so that Bitcoin enthusiasts can have a free time in the kingdom promoting and using Bitcoin to their satisfaction.

But what about if there would be a Bitcoin exchange to apply for a business license in the kingdom...do you think it would be granted the legal stature to operate? Let's hope that KSA can be a beacon of light in the Middle East for Bitcoin.

[1715031944]

1715031944

[1715031944]

1715031944

[Taki]

Saudi Arabia is a rich country and they don't see any danger in bitcoin and other crypto currencies to their citizens and the economy like other countries do. I don't know how much bitcoin should cost to Saudis start to be interested in it  like couple of tens thousands of dollars, maybe.

[Slow death]

probably for political and religious reasons. if we look at them they have a lot of illegal immigrants and they border countries where there is a lot of terrorist focus, they will not risk telling their citizens to use bitcoin when they have a lot of illegal immigrants and they border countries with a focus of terrorism. they want to maintain control over their people and besides they have oil and gas and a political system of absolute theocratic monarchy... countries like these only a group of people becomes very rich

[btc_angela]

But how about "Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode" statement?

I guess with all the money they have, they didn't see bitcoin as a threat to their economy. Maybe political though, but its too early to tell. Then this is a very welcoming news for Saudi and Middle East bitcoin community. At least they can go to Saudi and trade or buy bitcoins. However, I'm concern if terrorist would buy as well and used it to funds their activity. Oh well I'm thinking too much.