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CBK warns against dealing & investing in cryptocurrencies

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Kuwait cbank warning comes amid sharp fluctuation in prices

KUWAIT CITY, May 22 The Central Bank of Kuwait (CBK) warned against dealing or investing in the so-called cryptocurrencies, amid the continued increasing calls for investment in these digital assets. In a statement Saturday, 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 these digital assets such as Bitcoin cannot be compared to monetary currencies, as it isn’t subjected to regulatory authorities such as central banks. It also referred to other international institutions’ reports in this regard, including the Bank for International Settlements and the global central banks, warning of the dangers of using cryptocurrencies due to the large fl uctuations in their value. Furthermore, the CBK said that dealing with digital assets issued by unknown persons and exchanged under nicknames increases the risks of illegal transactions and money laundering, (KUNA)

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