Central Bank of Kuwait warns against dealing with crypto-currencies

Kuwait: The Central Bank of Kuwait (CBK) warned against dealing or investing in the so-called crypto-currencies, amid the continued increasing calls for investment in these digital assets.

In a statement Saturday reported by Kuwait News Agency (KUNA), the CBK said that the warnings come due to the sharp fluctuation in their prices, in addition to their non-compliance with any regulatory authority in Kuwait, which exposes speculators to large losses as well as the possibility of being exposed to fraud operations. The statement noted that digital assets such as Bitcoin cannot be compared to monetary currencies, as it is not subjected to regulatory authorities such as central banks.