UAE Central Bank Says No to Bitcoin Ban

So, the Central Bank of UAE just dropped some news saying they won't be banning bitcoin as a currency. Looks like it’s here to stay in the region!

This is a good move by Central bank of UAE to specifically mention that bitcoin will be excluded from their prohibition of “virtual currencies”. Should encourage other countries to follow the example and I hope this will give more boost to bitcoin price. Btw legal forum seems not the right place for this thread.Move it to News section.

Thanks for the tips. How do I move it?

They dont have to ban bitcoin. They just have to regulate the usage of bitcoin. They can regulate it through exchangers. Thats their only way to regulate it. As Russia also declared that they're not gonna ban cryptocurrencies there. We expect a lot of news like this in the future.

So the oil rich region of the Emirates is the step in the right direction to show the other lesser rich countries (in terms of energy rich) to follow suit and allow bitcoin to evolve into it's own without any interference. Just let it be and do what it was created to do.

It is a good move by the UAE governent as they are controlling everything when it comes to implementation of rules and regulations and UAE being the hub for international business it is a positive sign for things to come and hope every countries will have a open thought when it comes to bitcoin.

This is certainly good news for Bitcoin users in the UAE state, and if so the UAE government will support the development of bitcoin in their country

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.

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

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.

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.

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.

They will not ban bitcoin as a currency. UAE government will support the development of bitcoin in their country

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.

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.

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

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.

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.

The Bank of UAE make it sure that bitcoin will not ban in UAE

of course bitcoin will not ban in UAE