Sunday, September 19
05:59 PM

‘Cryptocurrencies illegal in Oman’

19 Jul 2020

Cryptocurrencies are not legal tender in the sultanate and the Central Bank of Oman (CBO) has not given any authorisation to any entity for dealing in cryptocurrencies or similar products.

‘It has come to the notice of the CBO that members of the public are being solicited to invest in cryptocurrencies and similar products,’ the bank stated.

‘In coordination with the National Centre for Financial Information (Royal Oman Police), the Central Bank of Oman would like to confirm to the public that, pursuant to Oman laws, cryptocurrencies are not a legal tender in the Sultanate of Oman. Further, the Central Bank of Oman has not given any license/authorisation to any entity for dealing in cryptocurrencies or similar products. Hence, using, holding and trading of cryptocurrencies and similar products are neither guaranteed by the Central Bank of Oman nor protected by the Banking Law 114/2000 as  Central Bank money.’

The bank has cautioned the public that users, holders and traders of cryptocurrencies and similar products may be exposed to potential financial, operational, legal, and security-related risks, in addition to the lack of customer protection. ‘Anyone dealing in such cryptocurrencies and similar products will be doing so at their own risk and responsibility,’ it added.

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