Kuwaiti Central Bank Is Against Crypto Investment
The recent crash of the crypto market wasn’t good for the reputation of digital assets all over the world. A number of central banks warn the investors about the dangers of investing in cryptocurrency, and Kuwait became one of them. On Saturday, Kuwaiti Central Bank issued a statement that can hardly be called crypto-friendly.
The statement says cryptocurrencies are not real currencies because they weren’t issued by a state. It also mentioned such problems of digital finance as high volatility, money laundering and scamming. The poor energy efficiency of the crypto mining wasn’t omitted by the Bank as well.
This warning became a part of the campaign called Diraya, which means ‘be careful’ in Arabian. The goal of this campaign is to educate people financially and encourage social responsibility in the Kuwaiti banking sector. However, this type of financial education doesn’t seem to welcome financial innovations.