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UAE Central Bank says it does not approve any private cryptocurrencies

Wam/Abu Dhabi
Filed on December 5, 2019 | Last updated on December 5, 2019 at 06.43 am
Central Bank of the UAE, UAE Central Bank, does not, approve, private, cryptocurrencies,

(Alamy Image)

The regulator believes that private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing.

The Central Bank of the UAE denied on December 4, the claims of an article published on a "potentially fraudulent website," which said that the Governor of the Central Bank endorses a private "cryptocurrency trading platform."

The article, which was published on December 4, 2019, contains false information, the CBUAE said in a statement, adding that its position on cryptocurrency is "well-known."

"The Central Bank does not approve any private cryptocurrencies or schemes, and has not issued any licences in the UAE," the statement explained.

"CBUAE believes that private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing," the bank statement concluded.


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