In an interview with CNBC, Abdulmalik Al-Sheikh, a senior adviser at the central bank of Saudi Arabia, said that the regulator does not believe that the crypto-currency has matured enough to justify a regulation.
He also indicated that the central bank will wait and watch before taking a decision on the establishment of regulations governing the ICO.
Here is an excerpt of this interview with CNBC :
The central bank of saudi arabia analyzes the evolution of the market of crypto-currencies
According to the high representative of the monetary Authority of Saudi Arabia, crypto-currencies are still in its infancy. Al-Sheikh explained that the market for the virtual currency was not strong enough for the central bank comes into play. He noted that many central banks closely follow the developments in the sector of crypto-currencies. He added that the industry of digital currencies should still mature before developing a comprehensive regulation. He pointed out that he still had to wait 5 years before making a decision.
The comments of the high representative echoed those of Mario Draghi, head of the european central bank, last week. This latter has declared that the bitcoin and other crypto-currencies are not yet ripe to warrant special attention.
What about crypto-currencies supported by the State ?
Al-Sheikh also explained the position of the SAMA with respect to the issuance of a crypto-currency supported by the State. He indicated that the central bank of saudi arabia kept their development on a global scale. Regarding the ICO, he said that the SAMA tries to measure the risks associated.
CNBC also reported the position of the saudi prince, Alwaleed Bin Talal. He confirmed that the Bitcoin was destined to implode in the future. This digital currency is not regulated, he added. With the development of a regulatory framework in the country, this market could develop quickly, thus eliminating all concerns for investors.
Source : NewsBitcoin