The Central Bank commented after an article was published on a “potentially fraudulent website,” saying that the Governor of the Central Bank endorses a private “cryptocurrency trading platform.”
They have now commented:
The Central Bank does not approve any private cryptocurrencies or schemes, and has not issued any licences in the UAE
CBUAE believes that private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing
So it seems that the Central Bank of UAE are towing the central bank party line when it comes to cryptocurrencies. Many of the world’s central banks cite money laundering as the main concern.
It was said earlier in the year that the United Arab Emirates (UAE) have begun drafting regulations for the implementation and use of cryptocurrencies in the country. The founder of DeVere Group, Nigel Green, wrote in The Khaleej Times that UAE is preparing for a rapid expansion in demand for cryptocurrencies but this also has not been confirmed.
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