Know the risk of the currency of "bitcoin" and why Saudi Arabia prevented it

The Saudi Arabian Monetary Agency (SAMA) has warned of "negative consequences" of trading the electronic currency called "Petcawin", asserting that this type of virtual currency "is not a currency approved within the Kingdom." The organization, which acts as the central bank in Saudi Arabia, on its Twitter page, said Tuesday that "the circulation of currency exchange, or the virtual currency that is traded through the Internet, has been warned by the institution, because of those transactions of different negative consequences on Dealers ".

The company explained that the virtual currency, which is traded through the Web, is becoming more dangerous than "being outside the umbrella of control within Saudi Arabia."

The latest global risk The currency of the "Petkwin" electronic, has formed the cornerstone of the two global cyber attacks, the first ransom virus "WannaCry" and the second ransom "Petya" Petya when pirates asked attackers to hundreds of thousands of computers in the world, pay ransom currency "Betcuen" to return files Pirated to their owners, and the reopening of paralyzed devices on a global scale. The mystery of virtual currency trading is the primary concern for countries to use illicit transactions, such as facilitating the transfer of funds to terrorists, or facilitating "money-laundering" and transfer between countries under the pretext of investing in such instruments that have not yet been widely accepted After or formally accepted by the regulatory authorities in the Gulf and Arab countries. Why worry? Head of Financial Research at Al Rajhi Capital, Mazen Al Sudairi, told Al Arabiya.net that SAMA is "very keen on the soundness of the financial and banking situation in the Kingdom by avoiding any step that could lead to an uncontrolled deal with acceptable and specific criteria." SAMA's "acceptance of currency controls does not allow any loophole, which could affect the movement of liquidity and exit and entry through the banking system and financial in the Kingdom." "Electronic currencies, although they can be tracked and monitored at the level of the countries they recognize, are still a fertile place for the implementation of some tricks, the withdrawal of hard currency, or the withdrawal of the dollar from central banks," he said. He pointed to the quality of financial control standards in Saudi Arabia, stressing that the Fitch Financial Rating Agency puts Saudi Arabia and the Saudi Arabian Monetary Agency in fifth place in the world in terms of "strict financial control standards." This is the best explanation that explains the Saudi Arabian Monetary Agency Trading in financial instruments that are not "clear in terms of their trading and value".