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Warnings of the Central Bank and Financial Supervision against investing in digital currencies.

Digital currencies lost more than half a trillion dollars in less than two weeks, which exposed many investors in digital currencies (encrypted), and the Central Bank and the Financial Supervisory Authority had previously issued warnings against investing in these currencies.

And the Central Bank prohibited in Article 206 of the Law of the Central Bank and the Banking System No. 194 of 2020, which states, “It is prohibited to issue, trade, or promote cryptocurrencies or electronic money, or to create or operate platforms to trade them or carry out activities related to them without obtaining a license from The Board of Directors in accordance with the rules and procedures it determines.

The Seventh Day, Akram Al-Qassas, the main full version, the main economy and stock exchange, the warnings of the Central Bank and the financial supervision against investing in digital currencies, Bitcoin, Bitcoin, Hani Al-Houty wrote, Friday, May 13, 2022 09:00 PM, digital currencies lost more than half a trillion dollars in less than two weeks, which exposed many investors In digital currencies (encrypted), the Central Bank and the Financial Supervisory Authority have previously issued warnings against investing in these currencies. And the Central Bank banned in Article 206 of the Central Bank and Banking System Law No. 194 of 2020, which states, “It is prohibited to issue, trade, or promote cryptocurrencies or electronic money, or to create or operate platforms for their trading or carry out activities related to them without obtaining a license from Article 225 of the Central Bank and Banking System Law No. 194 of 2020, which stipulates that “a penalty of imprisonment and a fine of not less than one million pounds and not exceeding 10 million pounds, or one of these two penalties shall be imposed on whoever violates Article 206 and issues Or trading, promoting or conducting any activities related to dealing in this type of currency without obtaining a prior license from the concerned authorities. The Financial Supervisory Authority issued a statement warning of the dangers of being drawn into calls to deal in crypto-virtual currencies, which exposes them to fraud, as there is no legal framework allowing their trading. The authority confirmed that it has not licensed or legalized these virtual currencies or the products associated with them, and does not agree to deal with them or use them. The Financial Supervisory Authority considered that calls to motivate investors to enter into these types of transactions, based on the rise of their markets or to ensure the achievement of attractive returns, is a form of misleading that falls under legal accountability. The authority called on investors to be careful not to engage in this type of high-risk instruments as it is a type of gambling, and that whoever deals in these currencies is exposed to losing all of his money when he accepts this high degree of risk.

Now after reading the article, what do you think about investing in digital currencies? Loss or gain?