Central Bank of Oman lists Cryptocurrency in the ‘High Risks’ Category

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bank of Oman marked cryptocurrencies as a ‘high risk’ and strictly advised their citizens to be vigilant
  • CBO mentioned that no license or permission is given from the bank’s end for trading or operating cryptocurrencies in the country

The majority of the governments worldwide still find it challenging to put their trust in cryptocurrencies and blockchain as a whole. To an extent, the government’s concern for safeguarding its citizens seems valid as fraudulent activities and scams that are commonly occurring events that make to the news on a very regular basis. 

Warning Against Dagcoin

The Central Bank of Oman (CBO) holds a similar concern. In a recent statement issued by the bank, they marked cryptocurrencies as a ‘high risk’ and strictly advised their citizens to be vigilant. The warning was targeted specifically for the Dagcoin, but the bank advised us to be cautious with cryptocurrencies in general. 

The high fluctuations in the market and the risk of fraudulent activities as the complete system is transparent, but anonymous are the significant reasons for the CBO’s concerts. In the statement, CBO mentioned that no license or permission is given from the bank’s end for trading or operating cryptocurrencies in the country. And if done and found to be trapped in any scams or phishing activities, neither the Omani Bank Law nor the Central Bank of Oman can be held responsible.

 Dagcoin Targetted by Many

It seems CBO is the only party that considers Dagcoin as a dangerous and Ponzi scheme. Last year, the Central Bank of Jordan (CBJ) issued a similar warning against Dagcoin. In the statement, though specific about Dagcoin, CBJ said to be cautious against all kinds of cryptocurrencies. BBC, in their podcast series, mentions the same where they talk about how Dagcoin have a massive influx of users from the infamous OneCoin Ponzi Scheme

While the CBO of issuing statements to be cautioned from the cryptocurrencies. On the other hand, the National Bank of Oman (NBO) is spearheading digital banking in the country. NBO has also waived charges levied on tokens and local transactions of the Corporate Internet Banking (CiB) platform as per a local news agency. The step is taken to promote digital banking use to a more considerable extent while simultaneously making the process seamless and convenient. 

The future of the cryptocurrencies in the nation may not be apparent at the moment. But the digitization in the financial services can be witnessed in Oman.

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