Oman Central Bank Warns on Crypto 'Risk,' Singles Out Dagcoin

The central bank warned citizens and residents they use cryptocurrencies at their own risk.

Oct 6, 2020 at 8:49 a.m. UTC
Updated Sep 14, 2021 at 10:04 a.m. UTC

The Central Bank of Oman (CBO) has warned citizens and residents of the "high risks" of using cryptocurrencies in a statement issued through the Oman News Agency.

  • The CBO said crypto assets are "fraught with high risks due to the fluctuation of their value significantly and the risks of being used for electronic piracy and fraud."
  • The warning, reported by the Times of Oman Tuesday, specifically highlighted the risks of investing in dagcoin, a cryptocurrency that the BBC recently said in a podcast has seen an influx of promoters from accused Ponzi scheme OneCoin.
  • Jordan's central bank issued a similar warning mentioning dagcoin last year.
  • The Oman central bank further clarified that it has not issued any licenses for the trading of cryptocurrencies and that cryptocurrencies are not guaranteed in the Gulf state as money.
  • "Anyone who deals in these cryptocurrencies, ... does so on his own responsibility," reads the statement.
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