Crypto is in danger in many countries and Saudi Arabia is one of them. They plan to put a complete ban on cryptocurrencies and this might actually be a pretty bad thing for its future. Saudi Government is actually one of the most technologically advanced right now, so not embracing crypto is bad for the entire community. Investing.com posted about this for the first time on Twitter but didn’t mention any source.
*SAUDI GOVERNMENT SAID TO PUT COMPLETE BAN ON CRYPTOCURRENCIES
?? #BTC #BITCOIN #ETH pic.twitter.com/D63zSP9Zmy
— Investing.com (@Investingcom) April 24, 2021
Is it even possible to ban cryptocurrencies?
Yes even though it is not possible technically due to crypto’s decentralized nature, some steps could be taken. First of all the government can ban the IPs of all major exchanges existing globally. They can also work with banks to prevent any form of deposits or withdrawals from these exchanges. Doing these two things might be enough to prevent the majority of the people to stop crypto trading. The government can also go a length further to criminalize the mining and possession of crypto. This is a way that many governments are looking at to ban crypto.
Take an example of China, which has banned crypto but hasn’t criminalized its possession or mining. And therefore, still, now trading is quite prevalent in the country. And then we have India, which still hasn’t taken any steps regarding the same but was rumored to ban crypto and take strict action against anyone found having the same.
What to do if crypto is banned in Saudi Arabia?
If you live in Saudi Arabia and don’t worry about the crypto ban, here are somethings you could do. Considering the country bans crypto but doesn’t criminalize its possession you can still hold your coins and buy more through peer-to-peer trading on Binance or other platforms. This is an easy way to buy crypto when a ban occurs as this is what is happening in Nigeria. But if the government does make it illegal even to hold your coins then the only step will be to convert them to fiat or send it to some friend or family outside the country who can hold it for you.
What are your thoughts on the rumors that Saudi Arabia is going to ban cryptocurrencies? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.
Also Read: Why using renewable energy resources for Bitcoin mining might not be the solution?
