Why is trading digital currencies prohibited in most Arab countries?

Among the most important fields that have emerged in recent years, the field of digital currency trading has seen many people transition to buying and selling Bitcoin alongside competing currencies that have seen record price increases.

Despite all this, some countries, especially Arab ones, impose laws prohibiting trading in these digital currencies, even though these countries have the cheapest electricity prices. In addition, the prices of various devices used in the mining process can be obtained at the lowest possible price.

It seems that these countries continue to tighten control over electronic transactions, citing publicly the elimination of money laundering as the reason. Since these countries do not seek at all to find a solution to the problem and even think about it, they are banning any field that may cause it, and for this reason, they also restrict online work.

The problem is that these countries only claim to eliminate money laundering, because most European countries allow Bitcoin and, in reality, those countries are more deserving of banning this digital currency to limit money laundering.

Trading in digital currencies is a high-risk field because you need to research different digital currencies and anticipate their price increases to buy them and then sell them after their prices rise. However, if you are in a country that prohibits trading, you may face a serious legal problem.

It is worth mentioning that digital currencies are a means followed by many criminals to transfer money because they maintain relative anonymity, so they are mostly used as a means to transfer money to ransom hackers.

You may be interested in: How does mining digital currencies benefit from your computer’s processor?

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Posted by: Aziz