"Mubarak Rashed Al Mansouri, governor of the Central Bank of the UAE was speaking to reporters on the sidelines of the Islamic Financial Services Board Summit in Abu Dhabi this week when he rebuked bitcoin.
According to the Emirates News Agency, the official also said that no licenses had been issued to bitcoin startups or cryptocurrency companies to operate in the local region.
The central banker reportedly stated, "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."
While the comments are notable for their harsh criticism of the world’s most prominent cryptocurrency, the UAE central bank contrarily confirmed that it wasn’t banning bitcoin or any cryptocurrency earlier this year."
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