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UAE’s central bank does not endorse private cryptocurrency trading platforms

UAE’s central bank does not endorse private cryptocurrency trading platforms

The bank added that it believes that private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing

UAE’s central bank has refuted claims of media reports regarding the endorsement of a private ‘cryptocurrency trading platform’, official news agency WAM reported.

An article, reportedly published on December 4 on a “potentially fraudulent website,” stated that the central bank’s governor endorses the aforementioned platform, a statement said.

The article contained false information, the central bank stated, adding that its stance 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 said.

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

Read: UAE regulator warns cryptocurrency investors, issuers

Also read: Dubai gold trader obtains first Middle East cryptocurrency licence

Read more: How viable is cryptocurrency?

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