The UAE Central Bank has warned about the use of cryptocurrency, including Bitcoin, saying it did not issue a license to allow the currency in the local market.
The statement comes after Bitcoin hit a record high of $6,148 on Saturday.
- Bitcoin Soars Again, Despite Russia's Plan To Block Bitcoin
- This Dubai Firm Is Challenging Bitcoin With A Gold-Backed Digital Currency
- Bitcoin Reaches Record Levels, And Investors Are Buying
Bitcoin prices fell to a low of $3,000 in September, when Jamie Dimon, chief executive of JP Morgan called it a “fraud.”
The total market cap stood at $98 billion, equal to that of Kraft Heinz or Honeywell.
The cryptocurrency market has gained more than 6 times so far this year, outperforming all other assets.
By Siddesh Suresh