UAE Central Bank says it ‘does not approve any private cryptocurrencies’

ABU DHABI: The Central Bank of the UAE denied today the claims of an article published on a “potentially fraudulent website,” which said that the Governor of the Central Bank endorses a private “cryptocurrency trading platform.”

The article, which was published on 4th December, 2019, contains false information, the CBUAE said in a statement, adding that its position 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 explained.

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