Saudi Arabia Warns its citizens from trading crypto and threatens a shitty coin.

​ https://i.redd.it/0l7lbkz6shi31.jpg Ever since Dec, 2017. The Saudi Monetary Authority (SAMA) which is basically the central bank of Saudi Arabia has issued a public warning on Cryptocurrency trading stating anonymity as a reason. This has been an issue for Saudi citizens since everytime money is wired through a Saudi bank to any known exchange, the transaction gets rejected immediately, some banks even close accounts, and all credit card purchases are instantly denied. This leaves the Saudis with the options of Localbitcoin.com and personal meet-ups. Just 1 week ago, SAMA renewed their wanring from Crypto trading and specifically mentioned a shitty coin called CryptoRiyal http://cryptoriyal.io, since it is using the Saudi's flag and currency's name. This has made the crypto situation in Saudi Arabia even more complicated. Even though a neighbour country (Bahrain) has opened its official, licensed, and first crypto exchange, no Saudi wire transfer was ever allowed to pass through. The irony is that the United Arab Emirates and Saudi Arabia have both agreed on creating their own cryptocurrency to be used for banks between the two countries, stating that this joint coin will be an alternative method of payment and there is no intention for it to replace the SAR and AED. whether or not oil money will ever get poured into Cryptoland remains to be seen. submitted by /u/Leader92 [link] [comments]