Crypto regulation in Libya
In 2018, the Central Bank of Libya announced that virtual currencies are illegal and that no legal protection will be afforded to anyone using or trading them. The Central Bank of Libya explained that virtual currencies were banned because the currencies may be used to carry out criminal activities and violations of laws such as money laundering, financing of terrorism, drugs, guns, forged documents, and even illegal pornography.
However, greater attention is being paid to virtual currency by legitimate financial organizations, and some central banks are beginning to explore how they can cash in on bitcoin’s growing popularity. According to Cointobuy’s analysis tool, the legal status of cryptocurrency in Lybia is controversial, it’s also ranked 226 out of 249 countries in terms of cryptocurrency safety, leading the country to a 1.1/10 safety rank.
Source: Freeman Law
Libya has already announced that cryptocurrency is illegal in the country. The country has announced that no legal protection will be given to individuals trading cryptocurrencies. Even though the country considers cryptocurrency illegal, it is also emerging as the center for crypto mining operations in the Arab world.
Source: Easy Reader News
The Central Bank of Libya (CBL) said virtual currency such as Bitcoin is illegal in Libya and those who use it cannot be protected by Libyan law.
CBL warned Tuesday all Libyans including companies of the security perils of using the virtual currency, saying it could be used in crimes, fusing terrorism and money laundering. It added that such a usage that involves virtual currency shall be permitted by the CBL.
Source: Libya Observer
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