Bitcoin Exempt from UAE Central Bank’s Ban on Virtual Currencies
On January 1, 2017, the Central Bank of the United Arab Emirates (UAE) published a new framework covering digital payments in the country. According to the new “Regulatory Framework For Stored Values and Electronic Payment Systems,” which is applicable to all electronic payment services providers, “all Virtual Currencies (and any transactions thereof)....
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The Central Bank in the United Arab Emirates (UAE) issued the ‘Regulatory Framework for Stored Values and Electronic Payment Systems’ on January 1 which appeared to ban all virtual currencies. However, the Bank’s Governor recently corrected this misconception, confirming that virtual currencies, including bitcoin, are not banned. Bitcoin is not Banned.....
The Central Bank of the United Arab Emirates has moved to clarify recent regulations released on January 1, 2017, that claimed “all virtual currencies are prohibited”. Now, the monetary authority has confirmed that new regulations will not outlaw virtual currencies like Bitcoin. On January 1, the Central Bank of the UAE released a new regulatory framework [PDF] for electronic payment systems. In a marked provision toward virtual currencies specifically, the regulation simply stated: “All virtual currencies (and any transactions thereof) are prohibited.” The sweeping statement that....
At a speech in Rome yesterday, Yves Mersch of the European Central Bank reiterated the bank’s stance on cryptocurrencies from 2012, but warned that such currencies should not be ignored. Essentially, Mersch’s comments were that digital currencies were still too small to be of any consequence at the moment — a key part of the Virtual Currency Schemes report from October 2012, when bitcoins were trading for tens of dollars. “Many media commentators have been wondering what impact these currencies will have on retail payments and even on central banks,” he said. “I agree that virtual currency....
The Bank of Canada has been heavily researching blockchain technology, Bitcoin, and the use of digital currencies. Just recently, a team of central bank researchers published a report called “Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies” examining issues they believe revolve around private and public cryptocurrencies. Is....
The Central Bank of Italy (Banca d'Italia) is that country's first governmental authority to issue a statement on virtual currencies. It recently published three directives: Warnings on use of virtual currencies (30 Jan 2015). Notice on virtual currencies (30 Jan 2015). Notice of Central Authority for Reporting on virtual currencies (2nd Feb 2015). The "Notice About the use of virtual currencies" (published on the Supervisory Bulletin No. 1, January 2015) is a summary of guidance previously issued by the European Central Bank (ECB), the European Banking Authority (EBA), and the Financial....