Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Oman Central Bank Issues Warning About Crypto Risks

The Central Bank of Oman (CBO) has warned citizens and residents of the “high risks” of using cryptocurrencies in a statement issued through the Oman News Agency.

The CBO said crypto assets are “are fraught with high risks due to the fluctuation of their value significantly and the risks of being used for electronic piracy and fraud.”

The warning, reported by the Times of Oman Tuesday, specifically highlighted the risks of investing in Dagcoin, a cryptocurrency that the BBC recently said in a podcast has seen an influx of promoters from accused Ponzi scheme OneCoin.

Jordan’s central bank issued a similar warning mentioning Dagcoin last year.

The Oman central bank further clarified that it has not issued any licenses for the trading of cryptocurrencies and that cryptocurrencies are not guaranteed in the Gulf state as money.

“Anyone who deals in these cryptocurrencies, … does so on his own responsibility,” reads the statement.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.