The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
The UAE Central Bank has warned against Bitcoin, terming it as unofficial and lacking sufficient supervision.
The warning was made by Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, on the sidelines of the Islamic Financial Services Board Summit which started in Abu Dhabi on Monday.
“Some nations have announced that they are not using Bitcoin, and consequently its value sharply plummeted. In addition, it can be easily used in money laundering and in funding terror activities,†the Governor said,
affirming that no licenses have been issued for using Bitcoin in the UAE local market.
In the meantime, Al Mansouri said the Central Bank has completed the formation of a committee for developing Islamic Sharia-compliant products in order to support the Islamic finance sector in the country in line with the government’s keenness to strengthen the sector over the coming period.