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CRYPTO MARKET NEWS......Bitcoin - 'Easy Tool' for Money Laundering, UAE Central Bank Governor

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The head of the central bank for the United Arab Emirates struck a critical tone toward bitcoin, according to Emirates News Agency reports.  The Governor Mubarak Rashed Al Mansouri criticized the lack of supervision around bitcoin and claimed that it facilitates money laundering and terrorism financing. 

He also reportedly said that, to date, the central bank has not moved to offer licenses to any cryptocurrency businesses operating in the UAE.

"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," he was quoted as saying.

Fireinthebone gathered that critical words aside, it's not clear whether Al Mansouri's words will turn into action because in February, the central bank chief said that there were no immediate plans to impose new restrictions on cryptocurrencies. 

He said then that "This area is currently under review by the Central Bank and new regulations will be issued as appropriate," Al Mansouri said in February.

Last month, regional news sources reported that the institution's work was nearing completion and that new rules remain a possibility.


Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!





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