UAE Central Bank warns against use of virtual currencies

[CryptoGirl]

United Arab Emirates (UAE) Central Bank Governor Mubarak Rashid al-Mansouri has issued a warning to the public against the use of virtual currencies as a medium of exchange.

He claims that digital currencies pose risks to the public as they can be utilized for such illegal acts as money laundering and funding terrorist activities.

“The risks of trading in digital currencies have clearly appeared when the prices of digital currency fell sharply after some countries announced a ban on using initial coin offerings.”

the central bank had rejected proposals to issue licenses for the trading of virtual currencies in the country. This has prevented the cryptocurrency exchanges to offer their services locally.

https://www.zawya.com/mena/en/story/Islamic_Financial_Services_Board_Summit_kicksoff_in_Abu_Dhabi-WAM20171023140035981/

[sw1911]

it seems like everyday theres another central bank putting the hammer down on cryptos.  i wonder what 2018 will be like for this community..

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United Arab Emirates (UAE) Central Bank Governor Mubarak Rashid al-Mansouri has issued a warning to the public against the use of virtual currencies as a medium of exchange.

He claims that digital currencies pose risks to the public as they can be utilized for such illegal acts as money laundering and funding terrorist activities.

“The risks of trading in digital currencies have clearly appeared when the prices of digital currency fell sharply after some countries announced a ban on using initial coin offerings.”

the central bank had rejected proposals to issue licenses for the trading of virtual currencies in the country. This has prevented the cryptocurrency exchanges to offer their services locally.

https://www.zawya.com/mena/en/story/Islamic_Financial_Services_Board_Summit_kicksoff_in_Abu_Dhabi-WAM20171023140035981/

Nothing new. Everyone who deals on crypto, take caution