Central Bank of Oman issues warning on cryptocurrency

Oman Tuesday 06/October/2020 11:44 AM
By: Times News Service
Central Bank of Oman issues warning on cryptocurrency

Muscat: The Central Bank of Oman (CBO), has issued a warning regarding cryptocurrency.

A statement issued online by Oman News Agency (ONA), said: "The Central Bank of Oman once again warns all citizens and residents against using cryptocurrencies such as Dagcoin and others."

"The Central Bank of Oman stressed that these currencies are fraught with high risks due to the fluctuation of their value significantly and the risks of being used for electronic piracy and fraud."

"CBO, also affirms that it has not granted any license to any institution or body for trading in cryptocurrency or similar products or trading in it, and it is not guaranteed by the Central Bank of Oman as money and is not subject to the protection of the Omani Banking Law No. 114/2000. Anyone who deals in these cryptocurrencies, he does so on his own responsibility," the statement added.