Topic: UAE Bank will not Ban Bitcoin Usage (Read 2060 times)
Your are sure that bank UAE not ban Bitcoin?
Glad to see that many large countries are accepting Bitcoin as at least somewhat legitimate at the end of the day.
But even still, how can you can BTC anyway? It's like banning the internet or something. It's just not going to work in the long-run regardless.
But even still, how can you can BTC anyway? It's like banning the internet or something. It's just not going to work in the long-run regardless.
These regulations do not cover 'virtual currency' which is defined as any type of digital unit used as a medium of exchange, unit account, or a form of stored value. In this context, these regulations do not apply to bitcoin or other crypto - currencies, currency exchanges, or underlying technology such as blockchain.
Khamis Al Mansouri, Governor of the Central Bank.
It seems, now they did so: Abu Dhabi To Regulate Cryptocurrency Exchanges, Framework In The WorksKhamis Al Mansouri, Governor of the Central Bank.
Abu Dhabi Global Market (ADGM) published a press release regarding the regulation of cryptocurrency exchanges on its website yesterday.
The Financial Services Regulatory Authority (FSRA) plans to help the crypto community in the UAE by creating a “a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.” No date or roadmap was specified for the upcoming project, however, the release mentioned that FSRA will be getting help from “industry participants and relevant professional bodies”.
FSRA previously submitted a ‘guidance’ on supervising ICOs and cryptocurrencies in October of last year. According to the document, cryptocurrencies are commodities which are regulated under Financial Services and Market Regulations (FSMR) only as derivatives. Mining, spot trade and spot transactions of cryptocurrencies are unregulated. Tokens issued in ICOs are considered as securities, where the entire ICO is regulated by FSMR.
The announcement comes a few days after Securities and Authorities Commodity announced that ICO investors are on their own as UAE doesn’t “recognize, regulate or supervise” ICOs.
These regulations do not cover 'virtual currency' which is defined as any type of digital unit used as a medium of exchange, unit account, or a form of stored value. In this context, these regulations do not apply to bitcoin or other crypto - currencies, currency exchanges, or underlying technology such as blockchain.
Khamis Al Mansouri, Governor of the Central Bank.
Khamis Al Mansouri, Governor of the Central Bank.
If that's the case, the legality of bitcoin in UAE will even boost their economy making them one of the richest country in the world. Good news indeed!
Yes you're right they are aiming to be one of the cashless society in the whole world but I guess they should create crypto currency which represent their country.
If that's the case, the legality of bitcoin in UAE will even boost their economy making them one of the richest country in the world. Good news indeed!
UAE - center of economy. They will develop the bitcoin and will be ahead of the rest in this regard.
The UAE is launched VAT1st Jan 2018. After VAT in UAE the bitcoin is illegal and the In part two we will consider the case for regulating bitcoin and cryptocurrencies and in part three we will consider legal issues. The Bitcoin and blockchain appear to be on the radar of the UAE Government and the Central Bank of UAE.
https://www.thevatuae.com
https://www.thevatuae.com
of course bitcoin will not ban in UAE
The Bank of UAE make it sure that bitcoin will not ban in UAE
This is a good announcement from that bank. Although honestly this is not yet the real good news that many UAE residents can be waiting for, still this is a good direction which the bank may tread on. It is just like saying that Bitcoin is not yet officially recognized but it is not banned...which in the future can open up a lot of opportunities for possible Bitcoin use for the bank's customers.
I can always feel that banks right now already studied the possible impact of Bitcoin and they are also looking at it as another bandwagon to ride on and make some money along the way. Whatever that can make them money legally is worth something exploring for. This must be the premise of that UAE bank statement.
Bitcoin with all of its decentralization system, still need the infrastructure provided for by the banking sector...maybe for the next few years until we can find a good way to limit the involvements of the traditional banking sector.
I can always feel that banks right now already studied the possible impact of Bitcoin and they are also looking at it as another bandwagon to ride on and make some money along the way. Whatever that can make them money legally is worth something exploring for. This must be the premise of that UAE bank statement.
Bitcoin with all of its decentralization system, still need the infrastructure provided for by the banking sector...maybe for the next few years until we can find a good way to limit the involvements of the traditional banking sector.
This is a very good news not just for the Emiratis, but also for the other nationals such as the Indians and the Pakistanis. A lot of the unaccounted money in South Asian nations end up in the United Arab Emirates. If UAE allows BTC transactions, then it becomes a lot easier to move this unaccounted cash from India or Pakistan to the banks within the UAE.
It seems like this is good news, with the increasing population of bitcoin users in various countries of course this will bring a good effect for the development of bitcoin for foreseeable future
While this is good news from the angle of widespread acceptance, it doesn't mean much to me. I want nothing to do with that region of the world and I certainly will never buy anything from there.
The Central Bank of UAE announced earlier this morning that it will not ban bitcoin as a currency.
Read more here: https://darknetmarkets.co/the-central-bank-of-uae-is-refusing-to-ban-bitcoin/
So they want to control everything that is going around in their countries, they don't want to risk to accept Bitcoin, an e-currency that they (probably) can not control nor earn profit from accepting Bitcoin. Read more here: https://darknetmarkets.co/the-central-bank-of-uae-is-refusing-to-ban-bitcoin/
They will not ban bitcoin as a currency. UAE government will support the development of bitcoin in their country
The Central Bank betser of UAE announced earlier this morning that it will not ban bitcoin as a currency.
Read more here: https://darknetmarkets.co/the-central-bank-of-uae-is-refusing-to-ban-bitcoin/
Read more here: https://darknetmarkets.co/the-central-bank-of-uae-is-refusing-to-ban-bitcoin/
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The UAE focuses on building real estate, trade and tourism. Their focus is building industries oil rich arabs can rely on should the day come when oil wells run dry.
It makes sense for them to allow/regulate bitcoin. Anything that attracts long term business gels well with their mission plan.
It makes sense for them to allow/regulate bitcoin. Anything that attracts long term business gels well with their mission plan.
This is great news! thank you for the article!
I agree when their oil runs dry they might be in trouble so a long term plan with at focus on building industries and attracting tourists and companies might be a very good way to go.
Banning cryptocurrency is the most idiotic move any country could do. It will be harmful in the long run.
To fully bank cryptocurrency you will have to ban all form of communication, which is near impossible.
In short - they can't kill BTC, but they can make it very difficult to use cryptos.
So far only totalitarian regimes tried to limit economic freedom of their citizens by banning BTC. I am glad that UAE is not following that path.
To fully bank cryptocurrency you will have to ban all form of communication, which is near impossible.
In short - they can't kill BTC, but they can make it very difficult to use cryptos.
So far only totalitarian regimes tried to limit economic freedom of their citizens by banning BTC. I am glad that UAE is not following that path.
I would like to think if any institution publicly announces they ban bitcoin would instantly have them viewed as scared of what bitcoin is capable of doing. Also would cause pull back from the public cause they would be viewed as not friendly to competition which everybody knows is always good to the customer by bringing down costs of goods and services rendered by that institution.
Definitely good news, not ban means accept at this point and i hope we have more of the same. They probably have a lot in their mind about future implementation of blockchain technology
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