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Interestingly, the kingdom has plans for a local digital currency to be traded between banks. The complete list of best cryptocurrency exchange for 2021. There are still many countries where cryptocurrency trading is considered illegal. According to wikipedia , trading bitcoin and other cryptocurrencies is largely legal in most countries and territories with the exception of a few jurisdictions. Bitcoin and other cryptocurrencies were banned in ecuador by a majority vote in the national assembly. the bottom line. A governmental committee comprised of saudi arabian regulators has issued a statement warning that cryptocurrency trading is illegal in the kingdom. Even if trading is not yet illegal, in february 2020, it was announced by the russian federal security service (fsb) and the bank of russia that cryptocurrency payments will be banned in russia. This is why some countries make it illegal to buy or sell bitcoin.
However, it is likely that there will be increased regulation as governments attempt to react to the decentralised nature of the cryptocurrency market and assess the impact it could have on illegal activities.
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However, some nations have assented legit use of virtual currencies by adding regulatory.
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