The UAE's Central Bank (CBUAE) has denied reports of endorsing a private cryptocurrency trading platform.
According to the national news agency WAM, a "potentially fraudulent website" had published an article saying the Bank’s governor had approved the digital platform.
However, the monetary regulatory authority has rejected the claims.
It’s also added that it doesn’t approve any private cryptocurrencies or schemes, and hasn’t issued any licences in the UAE.
The article, which was published on December 4, 2019, contains false information, the CBUAE said in a statement.
"CBUAE believes that private cryptocurrencies pose potential risks related to price volatility, money laundering and terrorist financing," the statement explained.
Volkswagen flags 50,000 job cuts across group
UAE tightens anti-fraud rules, sets 24-hour deadline to withdraw fake goods
Apple facing $2.7 billion UK lawsuit over 'unfair' app tracking rules
Middle East Energy 2026 opens in Dubai
Shein shares slide in Hong Kong debut on worries about trade, regulatory risks
