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<p>In the last few months, you can&#8217;t even browse your Facebook without seeing multiple posts about Bitcoin. People are rushing to buy &#8220;Bitcoins&#8221; after it&#8217;s value doubled multiple times over the last few months only and is expected to further increase as more merchants starts accepting payments with the virtual currency. The UAE has always been against the usage of Bitcoin and has strongly denounced it on many occasions and warned the public from buying it. However, the UAE now wants to make its <strong>own</strong> digital currency.</p>
<p><img class="aligncenter size-full wp-image-2642" src="https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment.jpg" alt="" width="1200" height="630" srcset="https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment.jpg 1200w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-400x210.jpg 400w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-768x403.jpg 768w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-800x420.jpg 800w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-364x191.jpg 364w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-758x398.jpg 758w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-608x319.jpg 608w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-1152x605.jpg 1152w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-91x48.jpg 91w, https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment-183x96.jpg 183w" sizes="(max-width: 1200px) 100vw, 1200px" /></p>
<p>The UAE central bank has been skeptical about the use of Bitcoin along with other digital currencies, and announced that is does not recognize it as an official currency. This probably means that the UAE government would also make it hard for Bitcoin to become accepted as payments in stores and businesses. But with the way the world is changing and with the introduction of digital currency, which is decentralized and out of the control of any government, who can really say what is an official currency and what isn&#8217;t?</p>
<p>Saudi Arabia has also taken a similar stance, with it&#8217;s central bank also denouncing digital currencies.</p>
<p>Surprisingly, the UAE now wants to make it&#8217;s own digital currency! The UAE Central Bank Governor Mubarak Rashed Al Mansouri said that the UAE is cooperating with the central bank of Saudi Arabia to provide an accepted digital currency in the use of cross-border transactions between the two countries.</p>
<p><img class="aligncenter size-full wp-image-2641" src="https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1.jpg" alt="" width="1000" height="613" srcset="https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1.jpg 1000w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-400x245.jpg 400w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-768x471.jpg 768w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-800x490.jpg 800w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-364x223.jpg 364w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-758x465.jpg 758w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-608x373.jpg 608w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-78x48.jpg 78w, https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1-157x96.jpg 157w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<p>In a speech to a regional financial conference Al Mansouri said that the currency wouldn&#8217;t be based on a Central Authority, but rather build on blockchain, the shared ledger of transactions that is maintained by a network of computers on the Internet (similar to the way BitCoin is operated). Al Mansouri stated that the banks want to further understand blockchain technology, as he told the reporters that the use of this currency will be stricctly among banks, and not the average consumer, hence improving the efficiency of transactions. &#8220;It is digitisation of what we do already between central banks and banks&#8221; Stated Al Mansouri.</p>
<p>This raises the question, &#8220;Why did these governments denounce BitCoin, but now rush to create their own?&#8221;. Is it because BitCoin is dangerous? Or is it the fact that the use of BitCoin would be outside the control of governments?</p>



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        <h1>UAE denounces BitCoin, but now wants to make it’s own digital currency.</h1>
        <time class="op-published" datetime="2018-01-17T15:12:40+00:00">January 17th, 3:12pm</time>
        <time class="op-modified" datetime="2018-01-17T15:17:41+00:00">January 17th, 3:17pm</time>
        <address><a href="http://www.uaeviral.com">UAE Viral</a></address>
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      <p>In the last few months, you can’t even browse your Facebook without seeing multiple posts about Bitcoin. People are rushing to buy “Bitcoins” after it’s value doubled multiple times over the last few months only and is expected to further increase as more merchants starts accepting payments with the virtual currency. The UAE has always been against the usage of Bitcoin and has strongly denounced it on many occasions and warned the public from buying it. However, the UAE now wants to make its <b>own</b> digital currency.</p>
      <figure>
        <img src="https://uaeviral.com/wp-content/uploads/2017/12/bitcoin-news-uae-central-bank-governor-warns-against-the-usage-of-cryptocurrencies-as-a-medium-of-payment.jpg"/>
      </figure>
      <p>The UAE central bank has been skeptical about the use of Bitcoin along with other digital currencies, and announced that is does not recognize it as an official currency. This probably means that the UAE government would also make it hard for Bitcoin to become accepted as payments in stores and businesses. But with the way the world is changing and with the introduction of digital currency, which is decentralized and out of the control of any government, who can really say what is an official currency and what isn’t?</p>
      <p>Saudi Arabia has also taken a similar stance, with it’s central bank also denouncing digital currencies.</p>
      <p>Surprisingly, the UAE now wants to make it’s own digital currency! The UAE Central Bank Governor Mubarak Rashed Al Mansouri said that the UAE is cooperating with the central bank of Saudi Arabia to provide an accepted digital currency in the use of cross-border transactions between the two countries.</p>
      <figure>
        <img src="https://uaeviral.com/wp-content/uploads/2017/12/shutterstock_310309553-1.jpg"/>
      </figure>
      <p>In a speech to a regional financial conference Al Mansouri said that the currency wouldn’t be based on a Central Authority, but rather build on blockchain, the shared ledger of transactions that is maintained by a network of computers on the Internet (similar to the way BitCoin is operated). Al Mansouri stated that the banks want to further understand blockchain technology, as he told the reporters that the use of this currency will be stricctly among banks, and not the average consumer, hence improving the efficiency of transactions. “It is digitisation of what we do already between central banks and banks” Stated Al Mansouri.</p>
      <p>This raises the question, “Why did these governments denounce BitCoin, but now rush to create their own?”. Is it because BitCoin is dangerous? Or is it the fact that the use of BitCoin would be outside the control of governments?</p>
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