UAE Central Bank clarifies position on private cryptocurrencies

WAM

The UAE's Central Bank (CBUAE) has denied reports of endorsing a private cryptocurrency trading platform.

According to the national news agency WAM, a "potentially fraudulent website" had published an article saying the Bank’s governor had approved the digital platform.

However, the monetary regulatory authority has rejected the claims. 

It’s also added that it doesn’t approve any private cryptocurrencies or schemes, and hasn’t issued any licences in the UAE.

The article, which was published on December 4, 2019, contains false information, the CBUAE said in a statement.

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

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