02 Feb '17, 3pm

UAE Did Not Ban Bitcoin

UAE Did Not Ban Bitcoin

The Central Bank in the United Arab Emirates (UAE) issued the ‘Regulatory Framework for Stored Values and Electronic Payment Systems’ on January 1 which appeared to ban all virtual currencies. However, the Bank’s Governor recently corrected this misconception, confirming that virtual currencies, including bitcoin, are not banned. Also read: Dubai’s Role With Blockchain Technology’s Success Story Bitcoin is not Banned The UAE Central Bank defines ‘virtual currency’ as “any type of digital unit used as a medium of exchange, a unit of account, or a form of stored value”. The recent Regulatory Framework states that virtual currencies are not recognized by these regulations, adding that: All Virtual Currencies (and any transactions thereof) are prohibited. This statement caused many people to conclude that the Central Bank has banned all virtual currencies. However, Gulf News r...

Full article: https://news.bitcoin.com/uae-not-ban-bitcoin/

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UAE Central Bank: We Are Not Banning Bitcoin

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