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However, there is no outright ban on cryptocurrencies.
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The united arab emirates doesn't recognize bitcoin as a legal form of tender, but it's not banned either.
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China on 5 december 2013, people's bank of china (pboc) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. Legal map of bitcoin and other cryptocurrencies. Yes, you can buy bitcoin in uae. Regulation prohibits financial firms holding or trading cryptocurrencies.: This allows for more transparency in cryptocurrency initiatives in the nation.
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As of 2020, bitcoin and other leading cryptocurrencies like ethereum and ripple are not viewed as legal currency by uae authorities.
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