Dubai Eye 103.8

On Air Now
The Music Mix
11:00pm - 6:00am

Listen To Dubai Eye

UAE Central Bank clarifies position on private cryptocurrencies

Thursday, 5 December 2019 12:07

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.

More from Business

Abu Dhabi and Dubai explore seamless parking integration

Q Mobility, Abu Dhabi’s leading public parking operator, and Parkin Company, Dubai’s largest provider of public parking facilities and services, have signed a Memorandum of Understanding to strengthen cooperation.
Global Village opens registration for F&B outlets

Global Village has opened registration for F&B businesses and enterprises to sign up for Season 31.
UAE advances agentic AI project targeting 50% of government operations

The UAE has launched the strategic phase of its agentic AI project, which aims to convert 50 per cent of federal government operations, services and tasks to AI-driven models within two years.
Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.

Coming Up on Dubai Eye

The Business Breakfast
6:00am - 10:00am

The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.
The Agenda
10:00am - 1:00pm

Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the USA
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
New iPhone Launch - Too Soon For Apple?
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
Working From Home or Hardly Working?
Does working from home kill productivity or can it benefit staff by giving them more flexibility and a better work/life balance?

On Dubai Eye

Is There Sufficient House Supply In UAE
Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?
Noon's First Female Delivery Driver
Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!