Kuwait Cryptocurrency Ban Wipes 50% From Bitcoin Prices

Kuwait, the country with the highest per capita income in the world, has banned cryptocurrency trading and other technology-related activities.

The Governor of the Central Bank of Kuwait, Sheikh Abdullah bin Hamad al-Sabah, announced today that all crypto-related activities will be banned in the country. The ban applies to virtual currencies like bitcoin and ethereum as well as any other digital tokens or coins.

The news comes amid a sharp drop in the price of bitcoin and other cryptocurrencies this month due to investor concerns about regulation and a lack of regulation in some jurisdictions. On Wednesday, bitcoin was trading at $6,726 a coin, down nearly 50% from last week's high of $14,380.

Bloomberg News reports that Al-Sabah has said that while his country does not ban cryptocurrencies outright, it will not tolerate any crypto-related activities, such as trading or initial coin offerings (ICOs). The announcement also indicates that Kuwait's central bank will work with other countries to develop standards for virtual currency regulation and use cases by financial institutions.