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Thu 5 Dec 2019 09:17 AM

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UAE Central Bank says has not approved private cryptocurrency

Article had suggested governor Mubarak Rashed Al Mansoori had endorsed private cryptocurrency platform

UAE Central Bank says has not approved private cryptocurrency

The Central Bank of the UAE said "private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing".

The Central Bank of the UAE (CBUAE) denied that it has endorsed a private cryptocurrency platform.

In a statement issued through the Emirates News Agency (WAM), it said the claims, regarding governor Mubarak Rashed Al Mansoori, were made in an article published on a “potentially fraudulent website”.

The article, published on December 4, contains false information, the CBUAE said in the 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 banking authority’s statement concluded.

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