The Saudi Arabian Monetary Authority has repeated an announcement by the Standing Committee for Awareness about Dealing in Unauthorised Securities Activities in the Foreign Exchange Market, to the effect that Bitcoin trading is no longer allowed.

The standing committee has warned all investors against trading in digital or virtual currency "for their negative consequences and high risks on traders as they are out of government supervision." The committee has said that virtual currency (including Bitcoins) is "illegal in the kingdom and no parties or individuals are licensed for such practices."

In rather faltering English, the committee "warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties."

The standing committee was formed by the supreme decree headed by the Capital Market Authority, the Ministry of Interior, the Ministry of Media, the Ministry of Commerce and Investment and SAMA. As required by a supreme decree, the standing committee issues reports on SAMA's or the CMA's websites.