MUSCAT: The Central Bank of Oman (CBO) has warned the public against dealing with cryptocurrencies.
In a statement issued on Sunday, CBO has clarified that cryptocurrencies are not a legal tender in the Sultanate of Oman.
“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,” CBO said.
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“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 a Central Bank money,” CBO explained.
“Members of the public are cautioned 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,” CBO added.
