Abu Dhabi – Mubasher: The Central Bank of the United Arab Emirates (CBUAE) did not license any cryptocurrency, governor Mubarak Rashed Khamis Al Mansoori told Al Ittihad newspaper on Sunday.
Trading on cryptocurrencies does not take place through official channels, which make it so hard to verify and control, Al Mansoori added.
The use of such currencies is associated with money laundering and funding of terrorist activities, the governor revealed,
These currencies are volatile, as they have lost most of their value when some countries announced that they would not adopt it, Al Mansoori noted.
The Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA) stated that it is reviewing laws and systems tackle cryptocurrencies and that it is developing risk minimising-based system to organise and control brokerages and new digital currencies.
