Foreign banks operating in the UAE have been banned from trading or purchasing virtual currency including Bitcoin and Ethereum, according to Coin Market Cap, a website which mainly deals with information on digital currency prices.
The banks have notified their customers and employees not to use the banks cards to purchase any form of digital currency.
The UAE Central Bank has warned of the risk of dealing in digital currency because of its dependence on supply and demand.
A number of other Gulf states have already banned trading in digital currencies.
You can’t scale trust if you can’t see risk