United Arab Emirates (UAE) Central Bank Governor Mubarak Rashid al-Mansouri has issued a warning to the public against the use of virtual currencies as a medium of exchange.
He claims that digital currencies pose risks to the public as they can be utilized for such illegal acts as money laundering and funding terrorist activities.
According to a Gulf News report, al-Mansouri stated that the risk of trading cryptocurrencies is real as shown in the sharp decline in their prices following the announcement of a ban on initial coin offerings (ICO) by several countries. He made the statement during his speech at the Islamic Financial Services Board Summit in late October 2017…
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