UAE Central Bank warns against Bitcoin

[Fire Rabbit]

After china's bitcoin ban now I think its Dubai's turn to follow that. The UAE central bank has warned against bitcoin saying its not regulated and it can be used for funding terror activities.  Just read this article .You will understand everything https://www.msn.com/en-ae/news/uae/uae-central-bank-warns-against-bitcoin/ar-AAtXh3O?li=BBqrVLO&ocid=edgsp. I read some where that UAE government is going to launch a new cryptocurrency . May be because of that they are planning to ban bitcoin. What do you guys think about this?

[arnux]

So can cash be funding terrorism. Dubai obviously feels threatened by Bitcoin and decided to ban it. What's with all these economic advantaged countries banning something which could well make them richer? 

[KingOfWinterfell01]

I think they're cash cowing this since they knew the potential of bitcoins (which was really high btw) and tried to make their own UAE brand of bitcoins to see if it will streamline cashless purchases. My guess here is that they're trying to recirculate their own bitcoins and 'regulate' it by trading in fiats with interest.

[4p0l4k4y]

It is the only the government of UAE banning bitcoin but thier citezens that is already use to bitcoin will find some ways to still make it possible. Besides it happened already to China but bitcion still remains j
Unshaken.

[alfs75]

After china's bitcoin ban now I think its Dubai's turn to follow that. The UAE central bank has warned against bitcoin saying its not regulated and it can be used for funding terror activities.  Just read this article .You will understand everything https://www.msn.com/en-ae/news/uae/uae-central-bank-warns-against-bitcoin/ar-AAtXh3O?li=BBqrVLO&ocid=edgsp. I read some where that UAE government is going to launch a new cryptocurrency . May be because of that they are planning to ban bitcoin. What do you guys think about this?

I thinks the government of UAE is over reacting in this situation they did not deeper there investigation and they concluded that maybe bitcoin used in terrorist act they are only onesided government.but the decision of dubai government is not final this is only warning and times when comes they realize that bitcoin is helpul in progressing there economy and not in massive destruction.

[kenkoy]

Business is Business. I believe every banks in any country is threatened by the great potentials of Bitcoins and Cryptocurrencies. They can throw allegations that Bitcoins is dangerous. Though, BTC transactions is not yet regulated by Govt on most countries.

[moamin77]

Now they're clear about their direction with BTC.
What I've heard that they would like to 100% adapt blockchain in all the financial sector there.....I've also heard some news about their own coin but from their decision about BTC I can feel their coin won't be a fully decentralized thing (they'll definitely control it in a way or another)

[salihno71]

This is such a f*cking hypocrisy... Now terrorism is primarily funded by USD which is supposedly regulated currency and i don't see anyone shouting "ban USD!". I think we will soon see them eating their own words...

[error08]

Business is Business. I believe every banks in any country is threatened by the great potentials of Bitcoins and Cryptocurrencies. They can throw allegations that Bitcoins is dangerous. Though, BTC transactions is not yet regulated by Govt on most countries.

NO, I don't think so. UAE sharia bank is the best in the world, there is no interest when you want to loan money from them (as far as I know).
Their business based on sharia rules, so bitcoin isn't a treat for them. They maybe right, as bitcoin could be easily send to everywhere even for huge amount, but it can't be used to funding terror activities without an exchange to convert bitcoin into Riyal (SAR), even though people may use it to lounder money if they want to send it to outside the country. The best solution is; regulate exchanges, just like other countries did, USA, Japan, even China.

[audaciousbeing]

After china's bitcoin ban now I think its Dubai's turn to follow that. The UAE central bank has warned against bitcoin saying its not regulated and it can be used for funding terror activities.  Just read this article .You will understand everything https://www.msn.com/en-ae/news/uae/uae-central-bank-warns-against-bitcoin/ar-AAtXh3O?li=BBqrVLO&ocid=edgsp. I read some where that UAE government is going to launch a new cryptocurrency . May be because of that they are planning to ban bitcoin. What do you guys think about this?

The only argument they have is that bitcoin is being used to fund terror activities but what my concern is that for their warning does that now stops people using it for terror activities to stop or they expect someone who does not even know anything about terror activities gets radicalized by using bitcoin is what seems to surprise me. What they should be doing as a warning is to make efforts that they can unravel those engaged in bitcoin for unlawful purpose cannot continue to hide behind it.

Reasons like this is not something new and I don't expect them to do otherwise another question is that even before bitcoin, have they been able to stop terror attack? And even after the emergence of bitcoin, I have not read any major terror attack that its funding to linked to have come majorly from bitcoin activities. The people have known better and in as much as they think the warning will stop people interest, it will even increase it the more.

[Adelantada]

From the news article:

"...[Bitcoin] can be easily used in money laundering and in funding terror activities," the Governor said...

I think the UAE Central Bank Governor made two valid reasons against the use of bitcoin:
(1) as abetting money laundering
(2) easier funding of terror activities

Although a case can also be made against any fiat currency for these reasons, the fact that the use of bitcoin is more difficult to trace (i.e., it was designed to make transactions anonymous) makes this announcement by the UAE government understandable, as they (presumably) wouldn't want to have any part in these illegal activities.

Bitcoin is a double-edged sword, we get it; we love that we can make transactions without anyone's prying eyes checking our activities (not to mention that these transactions are all tax-free), but we also hate it when the taxes we pay could be siphoned off by some enterprising politician to his private bitcoin account(s), with no legal way to link the account(s) back to him.

What to do in these situations?

[w5pn73]

After china's bitcoin ban now I think its Dubai's turn to follow that. The UAE central bank has warned against bitcoin saying its not regulated and it can be used for funding terror activities.  Just read this article .You will understand everything https://www.msn.com/en-ae/news/uae/uae-central-bank-warns-against-bitcoin/ar-AAtXh3O?li=BBqrVLO&ocid=edgsp. I read some where that UAE government is going to launch a new cryptocurrency . May be because of that they are planning to ban bitcoin. What do you guys think about this?

China's bitcoin ban? Didn't they just ban ico's and suspended exchanges? Or is there more news?

[Razick]

From the news article:

"...[Bitcoin] can be easily used in money laundering and in funding terror activities," the Governor said...

I think the UAE Central Bank Governor made two valid reasons against the use of bitcoin:
(1) as abetting money laundering
(2) easier funding of terror activities

Although a case can also be made against any fiat currency for these reasons, the fact that the use of bitcoin is more difficult to trace (i.e., it was designed to make transactions anonymous) makes this announcement by the UAE government understandable, as they (presumably) wouldn't want to have any part in these illegal activities.

Bitcoin is a double-edged sword, we get it; we love that we can make transactions without anyone's prying eyes checking our activities (not to mention that these transactions are all tax-free), but we also hate it when the taxes we pay could be siphoned off by some enterprising politician to his private bitcoin account(s), with no legal way to link the account(s) back to him.

What to do in these situations?

I have to say for your first post, this is quite good quality.

Anyway, both of the given example make perfect sense. Money laundering is a huge issue with crypto, because there is literally no way to trace back where the funds come from when done correctly. With currencies like Monero, which are 100% anonymous, it becomes even worse.

[Scor1937]

After china's bitcoin ban now I think its Dubai's turn to follow that. The UAE central bank has warned against bitcoin saying its not regulated and it can be used for funding terror activities.  Just read this article .You will understand everything https://www.msn.com/en-ae/news/uae/uae-central-bank-warns-against-bitcoin/ar-AAtXh3O?li=BBqrVLO&ocid=edgsp. I read some where that UAE government is going to launch a new cryptocurrency . May be because of that they are planning to ban bitcoin. What do you guys think about this?

this is not logical reason so that may be this is fake news

For me Dubai will never try to ban bitcoin

[Nameless27]

It’s funny how they make some excuses just to make they’re own cryptocurrency.
Dubai: bitcoin is not regulated and can be used in terrorism
Me: Does bitcoin exist before ISIS.
Terrorism has been in century's roaming around and every currency that regulated by the government has funding it, then now they will blame bitcoin for it. What a kinder grade IQ does this public officials we have now. For they’re own childish interest they make bad image to anything that they can’t control or make profit with.