Similar to some other countries, one of the oldest independent states in the Arab world, Oman has cautioned its residents about crypto investments. In a recent notice, the central bank warned that it does not guarantee investments in digital currency. Hence, citizens who choose to deal with them would only do so at their own risk.
Cryptos are not legal tender, says Bank of Oman
On Sunday, the Central Bank of Oman disclosed that citizens in the country are increasingly solicited into crypto investments and other related products. On this note, the central bank issued a notice informing the residents that digital currencies are not legal tender. As the Times of Oman reported, the notice was issued in coordination with Royal Oman Police and the country’s frontline financial intelligence unit, NCFI.
The central bank mentioned in the notice that, it did not grant any permission to any individual or company to engage or handle crypto investments or products in the country. The bank went further to explain that citizens who choose to continue might be exposed to certain risks involved with crypto investments.
Crypto investments in Oman will lack constitutional backing
Security and financial challenges with cryptocurrencies, among others, were the risks highlighted by the central bank. More so, the central bank of Oman ultimately explained that residents who forged ahead with crypto investments would lack protection, given that the country’s law doesn’t endorse digital currencies.
[…] 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 a Central Bank money,” the bank said. “Anyone dealing in such cryptocurrencies and similar products will be doing so at their own risk and responsibility.