Libya's Central Bank says Bitcoin and other virtual currencies illegal

Alwasat - Cairo Wed 16 May 2018, 09:33 AM
alwasat radio

The Central Bank of Libya announced that virtual currencies such as Bitcoin were illegal in Libya due to the fact that there is no legal protection for its users.

In a statement released today, the Central Bank warned all citizens, institutions and companies of the security and economic risks of dealing in virtual currencies. Explaining that "these currencies may be used to carry out criminal activities and violations of laws such as money laundering and financing of terrorism."

Central Bank of Libya urged those who do plan to use virtual currencies to "obtain a license and a prior authorization to carry out activities, provide banking and/or financial services."

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