Central Bank of Oman advises public to be cautious in dealing with crypto currencies

Muscat - 

The Central Bank of Oman (CBO) has advised the public in Oman to be cautious when dealing with digital or crypto currencies as there are no policies or guidelines to regulate such currencies.

The CBO board held its third meeting of the year on Monday. The meeting was chaired by H E Sultan bin Salim al Habsi, deputy chairman of the CBO’s board of governors.

The board discussed the latest developments regarding financial technology (Fintech) and its implications for the financial and banking sector in Oman and assured continuous follow-up so that the appropriate technologies are adopted.

‘The board wishes to acknowledge that there are no policies or guidelines to regulate digital or crypto currencies, and hence, it advises public to be cautious when dealing with such currencies, stressing that the CBO will bear no responsibility of any consequences’, the central bank said in a press statement on its website.

In the meeting, the CBO 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.

The board reviewed CBO’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 small and medium enterprises.

The CBO board also deliberated other issues related to the financial and administrative matters of the CBO and has taken necessary decisions.

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