CBO issues cautionary notice on use of cryptocurrencies

Muscat: It has come to the notice of the Central Bank of Oman (CBO) that members of the public are being solicited to invest in cryptocurrencies and similar products.

In coordination with the National Centre for Financial Information (Royal Oman Police), the CBO would like to confirm to the public that pursuant to Oman laws, cryptocurrencies are not a legal tender in the Sultanate of Oman. Further, the CBO has not given any license/authorization 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 CBO nor protected by the Banking Law No. 114/2000 as a Central Bank money.

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. ONA

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