Kuwait’s Ministry of Finance said bitcoin does not recognize
According to reports, the Ministry of Finance said Kuwait does not recognize bitcoin, and prohibit financial institutions use bitcoin transactions.
According to the Arabia times, from the Ministry of finance sources explained that after the recent bitcoin prices soaring, the Central Bank of Kuwait does not allow financial institutions, banks and Affiliated Companies bitcoin transactions.
However, the sources added that the Ministry of Finance and central bank are not more common regulatory bitcoin transactions, because they do not recognize bitcoin. In addition, some sources said bitcoin transactions “out of control”, because it is managed through the internet.
The source added, because bitcoin did not get the support of the central government, the central bank risk had asked the Ministry of Commerce and industry departments to take measures to inform consumers of bitcoin.
The Arabia Times reported on 16 December, in the aftermath of the recent rise in the price of Kuwait is in the forefront of citizen bitcoin trading “”. From the public prosecutor’s news that Kuwait law does not prohibit online transactions, because it belongs to the “electronic legal procedure”.
“However, from abroad connected to Kuwait’s bitcoin income is considered illegal and not clean money, because Kuwait law does not consider these currencies,” the source said.
In other parts of the Middle East, Arabia and the United Arab Emirates in February this year the central bank made it clear that bitcoin is not prohibited in the country.
Prior to this, the central bank China in January 1st released a digital payment framework, provides that “all virtual currency (and any transaction) is prohibited”.
The bank said in its update: “these regulations do not include virtual currency,” virtual currency “is defined as any kind of digital unit is used as a medium of exchange, unit of account or a stored value form.”