Central Bank of Oman warns public on cryptocurrency use

cryptocurrency, Central Bank of OmanThe Central Bank of Oman (CBO) has counselled the public in the sultanate to be careful when handling digital or cryptocurrencies. This is because there are no policies or guidelines to regulate such currencies, the bank added.

According to a report in Muscat Daily, the CBO board held its third meeting of the year recently. The meeting was chaired by H E Sultan bin Salim al Habsi, deputy chairman of the CBO’s board of governors.

The board reviewed the recent developments within the financial technology (fintech) space and discussed its effects on Oman’s financial and banking sector. The board also guaranteed regular follow ups in order to ensure the right technologies are adopted.

In a statement released to the press, the bank said, “The board wishes to acknowledge that there are no policies or guidelines to regulate digital or cryptocurrencies, and hence, it advises public to be cautious when dealing with such currencies.” It also emphasised that the bank will not be responsible for any consequences.

According to Muscat Daily, the  Central Bank of Oman board reviewed central bank report on Oman’s financial and economic position in light of the local and international developments.

“The board also reviewed the recommendations of the International Monetary Fund and the World Bank mission on Financial Sector Assessment Program (FSAP) and directed the CBO executive management to follow up with the implementation of the recommendations as far as possible in line with the economic and financial situation of the sultanate,” said the report.

The board reviewed  Central Bank of Oman’s financial position as of November 2017, as well as the report related to the performance of CBO’s external investments. The board also took stock of the actions taken by the central bank and licensed banks operating in Oman with regard to the financing of SMBs, said Muscat Daily.

The Central Bank of Oman board also discussed other issues related to the financial and administrative matters of the bank and has taken the required steps.


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