Kuwait prohibits BTC and virtual currency transactions, which is very terrible news for crypto!!!
Friday,
Date: 21 July 2023
Asshalamu alaykum
Kuwait Finance Authority has publicly announced its prohibition of all crypto activity. I think the news is bad. Others are simply outdating them when they are prohibiting. Whether you believe it or not, cryptocurrency is the future.
Why they prohibited crypto?
Kuwaiti govt is the latest one to prohibit transactions on nearly all companies using cryptocurrencies such as Bitcoin. On 18 of July Capital Markets Authority which is Kuwait's principal finance control, released a notice restricting the control and use of digital currencies in the country.
The market authority reaffirmed in the notice that it is committed to a complete prohibition on major uses and businesses involving cryptocurrencies. For instance, transactions, money investing and crypto mining.
The notice also prohibits local authorities from providing permits for enterprises to perform digital currency trading or transactions for a profitsource.
Outcome of the news?
In addition to the restrictions, the market authority advised users to take precaution and be aware of the risks associated with digital currency. The authorities pointed out cryptocurrencies, claiming that they lack legal legitimacy and are not authorized or backed.
Kuwait's new restrictions describes that according to the regulator they are in line with its initiatives to prevent the laundering of funds and terrorist financing. The market authority also pointed to the findings of a research conducted by the National Committee for Combating Money Laundering and Terrorist Financing on the commitment to implementing Financial Action Task Force principles.
Conclusion
As said always by prohibiting crypto use no one can just stop money laundering and terrorists financing. To control such govt need to have strict rules that compels the citizens not to engage in such activities. Prohibition on crypto use won’t bring success in a day. This simply outdates the people who uses crypto there.
Have a good day.
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Thank You,
@md-sajalislam
Hello @md-sajalislam,
Please increase the quality of your post.
From the recent rules in the community, your post word count excluding introduction and conclusion should be at least 300.
Please go through the community guidelines again
https://twitter.com/sajalislam08/status/1682261664555741184?t=3LaC4MbQTAAbL0_p5ZPWVA&s=19