UAE did not approve any private cryptocurrencies

By Eudore R. Chand

ABU DHABI 5 December 2019:  The Central Bank of the UAE denied yesterday 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 4th December, 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 to Wam.

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