KuwaitCity: The Central Bank of Kuwait (CBK) has issued warnings against investing ordealings in cryptocurrencies. This comes at a time when there is increasedinterest in cryptocurrencies as an investment in digital assets.
CBKsaid that the warning has been issued due to the rapid change in the price ofthese currencies and also their not complying with the regulations of theKuwaiti government. These warnings are for the safeguarding of investorsagainst loss of capital and fraud.
CBKalso referred to reports of other international institutions regarding this,including the Bank for International Settlements and the global central banks,warning of the dangers of using crypto-currencies due to the large fluctuationsin their value.
Furthermore,the CBK reported that these digital assets have the scope of being used forillegal transactions and money laundering.
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