UAE Central Bank Criticized Bitcoin

UAE Central Bank Criticized Bitcoin

In conversation with media Mubarak Rashed Al Mansouri The governor of the United Arab Emirates (UAE) central bank has criticized btc and rebuked it by deeming it an unofficial currency lacking centralized supervision & control. According to the Emirates News Agency, the governor also mentioned that we will make sure no licenses had been issued to btc startups or cryptocurrency companies to operate in our region. We will strictly ban virtual currency, which is defined as any type of digital unit used as a medium of exchange. Al Mansouri said. In this context these regulations have null and void effect on bitcoin or other crypto-currencies, currency exchanges, or underlying technology such as Blockchain. But definitely its misuse cannot be ignored.

Cryptocurrency Btc Industry

Cryptocurrency industry is notable for their harsh criticism. The most prominent the UAE central bank contrarily confirmed that it wasn’t banning btc or any cryptocurrency earlier this year. Authority observed that cryptocurrencies can be easily used in money laundering and in funding terror activities. Bitcoin came to dubai when The UAE saw its first bitcoin exchange BitOasis launch in late 2016, headed by a female Jordanian. It was encouraging that the exchange also offers a bitcoin wallet available for users in the Middle East, North Africa and parts of Asia. The exchange gained seed funding earlier in 2016 ahead of its launch , it has vision to be the first ‘digital assets’ company to be registered in the MENA (Middle East North Africa) region.