Crypto lawyer Irina Heaver tweeted that the “Stablecoin Regulation and Licensing Framework” approved by the Central Bank of the UAE (CBUAE) earlier this month effectively prohibits stablecoin payments not based on the local currency, the Emirati Dirham (DH). This move is seen as significantly unfavorable for the country, which has been previously regarded as actively promoting the digital economy.
UAE to Ban Encrypted Payments only Allowing CBDC Consumption Crypto Lawyer Not conducive to the countrys digital economy development