UAE bank to allow cryptocurrency trading in dirhams

A bank in the United Arab Emirates will soon allow its customers to trade cryptocurrencies using Emirati currency. 

RAKBANK announced an agreement with Kraken July 18 that will allow UAE residents to trade digital assets using a local Emirati bank account and dirhams. The move will enable people in the Gulf state to avoid relying on foreign bank accounts and the accompanying foreign exchange costs, the bank said in a press release. 

RAKBANK is an online bank based in Dubai. Kraken is an American cryptocurrency exchange. 

The bank did not specify when exactly the trading feature would become available.