Saudi Arabian lawmakers have published a declaration stating that all cryptocurrency trading within the kingdom is illegal. The standing committee responsible for the declaration labels cryptocurrency as a “get-rich” quick scheme and labels crypto investors as delusional.

“The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision,” reads the statement. “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 recipients/entities/parties.”

While government support around the world for cryptocurrency is sparse, few have gone to such extreme measures as to put any type of outright ban on trading within the market. Saudi Arabia now joins the ranks of India and China who have imposed similar restrictions.

Saudi Arabia’s standing committee for awareness on dealing in unauthorized securities in the foreign exchange market (FOREX) is headed by the country’s Capital Market Authority (CMA), the Ministry of Interior Membership, the Ministry of Media, the Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority (SAMA).

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