State officials in Saudi Arabia reissue warnings against trading and investing in cryptocurrencies. The official committee will also have the remit of notifying relevant agencies of any activity to reduce marketing exposure. No Trading. No Investing. In Saudi Arabia, following a series of websites and social media accounts promoting cryptocurrencies such as Bitcoin and Ethereum, among others, a special committee issued a statement reminding citizens that trading in cryptocurrencies is illegal. The statement, which was released Aug. 12, states: “The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown
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