Mubasher: Kuwait’s finance ministry said that it does not recognise "bitcoin" and bans cryptocurrency payments among the state-run bodies, resources told Alrai newspaper.
The finance ministry and the Central Bank of Kuwait (CBK) could not penalise the bitcoin as they do not recognise it.
Bitcoin is a digital currency exchanged through the internet without any regulators or brokers to protect the traders, resources stated.
The CBK has banned banks and their subsidiaries from trading bitcoin on the back of the cryptocurrency's growing demand over the last period, sources added.
The ban includes payments, opening portfolios or any brokerage deals.
Moreover, the CBK urged Kuwait's trade and industry ministry to take the necessary measures to raise the customers' awareness of the digital currency's risks.
The CBK also asked the Kuwait Banking Association (KBA) to warn banks' customers about the bitcoin after the digital currency's wide circulation that poses a high risk to its traders.
