Qatar Bans CryptoCurrency

[Indymoney]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

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[AmoreJaz]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

[Javi_Anibarro]

It is understandable they made this statement considering the halving that will occur in 2020, if we looked back when we were in 2017. We should see a lot of people bought crypto at the peak and causing an unimaginable loss for those who bought it at the top and sold it when the price retraced. They want to protect their investors and do not want to repeat history again when the next bull run happens.

[russel123456]

It's very embarrassing news for qatar based crypto people. When first world countries are accepting it so why qatar has banned. I think it is a political related decision.

[masterrex]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Well if that qatar wants so be it, it doesn't matter anymore since more and more countries are openly accepting cryptocurrency businesses but it needs to be regulated first so it can easily scrutinized those who tried to make a fraudulent action involving cryptocurrency,  i think that was qatari regulators message but for now its not permitted to do any cryptocurrency base businesses maybe in the coming months or years it will be change who knows!

[Xcode7]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

They gave this assertion because they were worried that if the channels in cryptocurrency were misused for terrorist acts, they would have policies and positions to make such decisions. And I think all the risks have been considered in Qatar and hopefully this decision can be flexible which means all of these decisions can change with the intention and purpose of crypto users only for positive things

[joseyphil82]

This is nothing new and many did this in the past, today they lifted the ban, I'm sure the ban will be lifted sooner or later, i believe that those countries that put ban on crypto still fails to see it's potential

[mcnocon2]

We cant blame them, that's their perspective about cryptocurrency. They are just taking measures on dealing with scams on cryptocurrency. But it is only for now, if they see that cryptocurrency or blockchain will be very useful and embraced by large countries then they don't have a choice but to go with the flow and accept cryptocurrency wholeheartedly.

[o48o]

This doesn't surprise me slightest, Qatar just has made to follow the rules of rest of the country. And i don't think that cryptos are the key issue on tourism. Their government just don't like when some cash flows aren't tacked directly by them. This just moves the bitcoin trading underground. If they would just require kyc, they could track it much easier.

[nickenburg]

Qatar Has many weird rules and they are a under developed country.

Some of those weird rules:

No public display of kissing or hugging some places even holding hands.
No nude Shoulders or knees
If you want to leave Qatar you have to ask your boss for permission
No alcohol
No phones at the gym

Stoning is a legal punishment as well, so I dont think anyone cares if they ban Crypto.
People over there dont have many rights like overhere its a totally different world.

[jessyj48]

Qatar is a very strong haven that has different set of rules, their government always want to be over everything so i am not surprised they ban crypto, they will only fit the ban if they see potential in the technology and it must benefits their government

[avikz]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

I doubt they will ever change their stance on cryptos. We can't really compare Middle East with the rest of the world. Middle East always had separate set of rules and they are going to continue with it. Qatar is no exception!

Also we need to keep in mind that Qatar holds the 6th position on the list of highest per capita income due to their natural resources. The country is so immensely rich with the natural resources, they simply don't care about what crypto assets can do. They have the financial power to stay afloat against the wave!

[kapalmabur]

FUD has been spread, this makes the price of Bitcoin seem to be threatened to go down again,
we must anticipate that right now, when prices are rising then FUD will always be there

[gleisson05]

This is such a shame. I do feel sorry for the local citizens as bitcoin could really help them improve their quality of life.

[Theb]

A ban on crypto exchanges and financial services and no ban for cryptocurrencies itself? If they are trying to improve their anti-money laundering provisions than this is the wrong path to take.if they want to have the control if the market itself Ithen the best way to do that is to regulate the businesses related to it like what other countries are doing with their KYCs and other regulations set in place to avoid crypto-assisted crimes.

[mindrust]

Can't decide if this is good or bad for bitcoin.

Banned means it cannot be taxed. Unless the penalty for owning crypto is jail time, It is a good thing. When you get caught, you pay the fine and move on.

[tsaroz]

Qatar has restricted itself from its neighboring countries (they had embargoed Qatar anyway) and this could be the move to further restrict the move of capital to and from these countries. Qatar has been a crypto neutral country in the past and I really hope they come up with some form of regulation to better use crypto than putting a blanket ban.

[zhekinsp]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

[forexandcryptoauditor]

This is not so good for investors from Qatar. I don't know how much influence it will have on entire cryptocurrencies market, but definitely it's not good.
Many countries at the moment opposing restrictions or thinking complete ban on cryptocurrencies. This is refusing confidence in investors.

[Golftech]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

That might be a good question. If those holders will not participate in any trades and will just keep their assets and wait for longer time hoping for changes regarding to their government stand about this matter. We can't assume what future will bring to this industry, as there's always a good side in every bad news that spreading around. For now we can't expect anything from Qatar as they've stated their position about crypto businesses.

[el kaka22]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Let's not say that they banned crypto but banned the companies dealing with crypto. You could have crypto right now and still be fine and nobody will punish you for it, however companies that deal with crypto buying and selling are banned to operate right now so you have no method of buying or selling crypto in Qatar.

However, that is most likely because Qatar wants to build a law that is similar to KYC to prevent the money laundering which exists a lot in Qatar thanks to many rich folks embezzling money from their companies being a cultural thing there, so they will provide some sort of law that makes sure who buys crypto and sells crypto and see if there is anything wrong going on.
 
After creating that law they will notify all companies who wants to build a market for crypto buy/sell market and those companies will follow that law.

[audaciousbeing]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Its good that they mention that its until further notice and they did not put a specific timeline to it for the ban to be effective, neither did they say its banned for life which means that they can either lift it tomorrow or in the next ten years. What the ban really means is that, give us time to figure out the entire process all over again so that we can plug all the lapses we have noticed that is dangerous or threatened our own interest.

[Doell]

it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

[pikkie]

it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

well this kind of news I'm sure will only be bad news because many countries give statements like this but some time later the country began to develop the blockchain platform and began to study blockchain technology so don't be surprised if there are statements like that.

[SolarWindMiningCompany]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Is this a reactionary effort towards the tension between Iran and USA? Obviously, one can easily attribute the recent hike in bitcoin prices to that. Even Oil has surged to 25%, as well as gold. 2020 is already playing out to be a remarkable year

[crwth]

I saw that the title has the phrase "Blanket Ban on Cryptocurrency Businesses."

I immediately searched for what does a blanket ban means, and what I saw is that it's a complete and total ban of a particular subject, in this case, cryptocurrency businesses. So I'm not sure that it's safe to say that cryptocurrencies are still allowed, but the act on companies and services that accept cryptocurrencies are not allowed? So I have done more research about it and saw this tweet by @QFCRA states the definitions of "Virtual Asset Services" [1]

It does include all the transfer, holding, exchange of assets, etc. So they made it clear that they don't want to be a part of the cryptocurrency community. But like what the others said, it's until further notice.

Maybe they have something behind the curtain, working on their technology or something. We still have to find out.


[1] - https://twitter.com/QFCRA/status/1210149668056915970

[comchien]

It's sad that their government bans cryptocurrencies but maybe they are in need of a regulatory governing for cryptocurrencies, hopefully in the future the nation will have another idea about vi65c banning cryptocurrencies.

[bitcampaign]

It doesn't matter in my opinion if the Qatars banned crypto currencies, it would not hurt for all of us here, they would later need us too, so this news would not have any effect on the price of bitcoin, just think neutral that they prohibit because they don't know this technology yet and they don't learn it, if they know and learn it might say differently

[dimonstration]

it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

Governments have different say in the effect of crypto in their economy, they sometimes felt that its against their law in taxing or became an hindrance in their political will. However bitcoin, cryptos is already immune in these events as many countries ban it but then some realize they need it.

[alyssa85]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

[zhekinsp]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

As long as people holding the bitcoin then it won't affect the market and as you said those country people will not sell their cryptos since they need that most if there is war season there.

[batang_bitcoin]

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

It's very convenient for them and I think the ban was not on the right timing because their people might be thinking of some ways to prevent the destruction or even become a collateral damage of the possible war. But anyway, I've heard that Trump won't retaliate with what Iran has done. This is basically a piece of good news to the world that wants peace but it's just the beginning and may soon turn around and will proceed at anytime base on his decision. As for this ban, what if we see the same thing as other countries did like China that banned it and later on lifted it?

[TastyChillySauce00]

Imposing ban just because they are fighting money laundering and terrorism is just a really weak reasoning. There should be a bigger motive behind this banning.
Although I'm sure that Qatar ban won't significantly affect the market but it's always such unfortunate to see a country is imposing ban without a strong reason and probably just making up excuse.

[cabron]

The localbitcoin in Iran were still gaining volume even when they know their government ban crypto/BTC in their country. They may for now ban but in time, just like some countries that did ban BTC they will start seeing the decentralize cryptocurrency to be more helpful to them than the ones that will hurt their economy.

[samcrypto]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

Maybe they are still studying bitcoin and this cryptomarket and let’s hope that they will change that decision later on. The tension in Middle East is getting higher, Qatar is thinking differently, but this decision wont last because I believe this year is a year of cryptocurrency and Qatar will notice cryptocurrency again.

[coin-investor]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

I think this the second country this week that bans the use of Cryptocurrency, it really depends on how the government sees it, some sees it as a revolutionary technology that can change the monetary system, others see it as a threat to monetary sovereignty, these countries that ban Cryptocurrency fails to see the beauty and the great features of Cryptocurrency they did not look forward and in the future.

[ene1980]

they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

It is just an expectation and to come up with a blanket ban is unfortunate as people might have already invested in the market and i am not sure whether they gave any warning before coming up with a ban so that the investors have the time to convert their assets, not sure how successful these ban can be as people always tend to find an alternative and majority will turn to P2P trade use forex as a cover to over come these restrictions.

[Shimmiry]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

That wasn't a final decision. They only ban it for business related transactions such as stalls whom accepts cryptocurrencies nor buys it, but not those whom uses it idly or a normal person here in the forum that has cryptoholdings and earn with trading it. Yet the big challenge for them is how will they manage if ever the law is finalized. But still, they only need to be calm and let their own government to study cryptocurrencies and its capabilities of making a economy grow, in which soon after those times of "until further notice" they'll realize that it's somehow a stupid idea banning it.

[leatutz]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

They didn't realize the real use case of cryptocurrency. Cryptocurrency is banned for money laundering, Qatar has huge money by natural source. They don't support cryptocurrency as did China. But do you research on volume or use case which country is the top. That is amazing that cryptocurrency rejected country has top user of Bitcoin or other currencies.

[TastyChillySauce00]

Qatar has restricted itself from its neighboring countries (they had embargoed Qatar anyway) and this could be the move to further restrict the move of capital to and from these countries. Qatar has been a crypto neutral country in the past and I really hope they come up with some form of regulation to better use crypto than putting a blanket ban.

That does make sense considering when people are almost facing a hard time and worrying about their wealth they always resort to crypto or other form of borderless store of value just like the recent inflated price of btc in Iran. It might be the government seeing their economy has becoming weaker and can't handle to let any capital out of their country.

[shinratensei_]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Is this a reactionary effort towards the tension between Iran and USA? Obviously, one can easily attribute the recent hike in bitcoin prices to that. Even Oil has surged to 25%, as well as gold. 2020 is already playing out to be a remarkable year

Please, if you wanna understand the case and it's very easy to do that. Just read the whole article and it's clearly stated the reason for Qatar to implements ban to the crypto and crypto service to avoid the possibility of the money laundering and terorist financing. It's very easy to search that at the bottom of the article and there is no correlation with the tension between Iran and USA.

[NathanJB]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

Is this something that covers all citizens? I think this ban was somewhat similar to the previous ban in china which speaks of institutions not allowed to facilitate cryptocurrencies. This one speaks of firms. If this is the case, individual persons in Qatar can still access and even transact using crypto for as long as it involves P2P transactions or cross-border deals.

[nicolas1979]

Every country take careful respond about crypto and all take sit on grey side. Banned, reject, not accept or what ever they make term the point is until further information. We can't blame them because they should protect currency stability from crypto. If USA, China and Russia already create their own coin maybe Qatar will do the same. This time many country only adopt blockchain but not crypto and Qatar reject crypto for economic purposes. Protect currency, gold and oil more important than accept crypto in their economic system.

[Coroline]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

maybe they will implement new regulations in the future and forbid financial services to support crypto transactions in Qatar but in my opinion it is more in regulating crypto

[Aabcde]

I think everything is non-permanent. Qatar might later open itself to adopt cryptocurrency again because of a need. It's like in China, they ban bitcoin and their friends but instead, they make their own crypto. In essence, this technology is very useful for human life but sometimes its use is misinterpreted.

[deathcode]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

maybe they will implement new regulations in the future and forbid financial services to support crypto transactions in Qatar but in my opinion it is more in regulating crypto

maybe they just want to manage their crypto transactions if they want to make their country crypto. when there is no interference from outside the country has the advantage to regulate all that can provide benefits to the country such as taxes.

[btc_angela]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

Yup, possible that they just wanted to get regulations going on in the beginning to at least send some signals for Qatari's crypto enthusiast. But it doesn't mean that they are going for a full ban here. Qatar is one government in the Middle East that is very open so I have no doubts that they are going to regulate crypto and maybe adopt in the next years or so.

[Lantind]

It's sad that their government bans cryptocurrencies but maybe they are in need of a regulatory governing for cryptocurrencies, hopefully in the future the nation will have another idea about vi65c banning cryptocurrencies.

Qatar is a rich country and is very popular in the eyes of the world, so they are not afraid of anyone and new things, so they dare to ban cryptocurrency in their country, I think that's a very natural thing.

[maxreish]

Let's respect what Qatar's decision. After all, it isn't the first time seeing one country that bans cryptocurrency. That announcement with "until further notice" will be possibly change when they will reconsider it in due time. However, they have decided to suspend and prohibits all crypto assets transactions because it does contribute to illegal crimes which makes sense.

[iram3130]

I think India did the same thing with its exchanges and it worked as there is only 1 good exchange and most of the others got shut down. P2P is the only way to use crypto after a blanket ban on financial offices like Banks. India is still figuring out how to tax the crypto and how to tackle money laundering. I hope Qatar will also do the same.

[leea-1334]

So strange to see Qatar in the news a lot,,, until last World Cup I did not even know they were a country, I always thought they were part of the United Arab Emirates.

I am reading about them now and they want to be on the world map with all kinds of new strategies to open up to the world. Banning crypto is so not the way to do that though,,, but I guess they fear what happens in a small country!

[magnum cyber]

I think the main reason why the Qatar countries banned the Blokchain industry, because they think that the presence of cryptoqurrency can have a negative impact. I mean concern about illegal transactions, whether it is for funding terrorists, money laundering or other types of crime. but for me if the Qatar can accept the presence of the blockhain industry then this can have a positive impact on the cryptoqurrency market.

[leyton11]

Not only Qatar but also many countries are banning domestic crypto transactions and there are quite strict laws about it. There are still a lot of countries with legal restrictions on cryptocurrencies so I feel this is quite normal. There are so many scammers in this market, the government just wants to be good for its people. but hopefully our crypto market will grow strongly again soon and it must be shared equally with potential alts, then the manipulation will be reduced by many participants and no more scams. . What do you think about my thoughts?

[sjbi]

I do not think this will go further as Qatar will lift the ban in the coming future given the popularity and importance of cryptocurrency. Even China is becoming flexible when it comes to cryptocurrency. It is launching its own digital currency. Blockchain and cryptocurrency are the future of the world. And authorities, they like it or not, are to adopt them.

[betty11]

Qatar is not a financial power house of the world, it's still an emerging economy. The government will need to assemble Cryptographic expert to actually understand if their decision will either positively or negatively impact on their economy in the long run. I know they will make a U-turn for sure. When leading economy of the world are seeking for Crypto adoption, smaller economy must find a good technological way to consolidate their economy.

[BlackFor3st]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Qatar is not yet ready as of the moment but time will surely come that they will have no other option but to fully accept crypto currencies especially if it will replace fiat someday.

More and more countries are open to crypto currencies right now so we don't need to worry about those countries that are still hesitating in accepting crypto currencies. Let's just hope that Qatar will realize sooner how important crypto currencies is.

[ice18]

We can clearly saw in this news which country are really afraid of digital coins that they totally ban using it maybe they already see that many people will try to use and find it more secured and decentralised compared to current monetary system the reason of banning is for possible money laundering abuses but certainly its not the main reason I think.

[Trela]

They are a rich country. I don't think Qatar's government was wrong in making this law. Many countries have done the same, and China has even imposed a lot of strict rules on cryptocurrency users. But that doesn't mean Chinese people can't use cryptocurrencies, there are lots of ways to circumvent the law, but it needs a bit of knowledge about security and the internet anonymous.

Btw, some of my friends in China are always complaining about this, they always compare that to me whenever we talk about crypto.

[albrots]

Maybe this is just the initial regulation about crypto in Qatar. The regulations can change at any time. Qatar prohibits crypto from having a purpose. Maybe they are still learning about crypto currency. Other developed countries have also received cryptocurrency, Qatar as a developed country will certainly rethink regulations regarding crypto. we wait for what the next qatar will do.

[Polar91]

Maybe this is just the initial regulation about crypto in Qatar. The regulations can change at any time. Qatar prohibits crypto from having a purpose. Maybe they are still learning about crypto currency. Other developed countries have also received cryptocurrency, Qatar as a developed country will certainly rethink regulations regarding crypto. we wait for what the next qatar will do.

This might be their initial step to take actions and consider cryptocurrency news and updates relevant that could affect their economy. As a precautionary act, stopping the use of cryptocurrency would not be the best idea as it could affect the job of people living there that utilizes cryptocurrency. In my opinion, allowing cryptocurrency while they are thinking of its possible effects is better, because this is fact, will open up ideas on how they could treat cryptocurrencies in positive manner, rather than just thinking about its impact to their centralized currency.

[meliodas]

Qatar would be like other countries who banned cryptocurrency but after a few months or a few years, they lift up the ban and regulate and accept it as a payment gateway and also a technology that they will be using as an upgrade to their current system. It is normal to see countries banning cryptocurrency but we all know that at the end, cryptocurrency will win in this game and it will have a massive adaption.

[Obito]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

They are may be taking proper measures to avoid such problems to potentially to occur, so as for initial decision they decided to ban it. So until further analyzation may be they would lift up such decision especially when it became necessary. I do believe this banning phase would turn out to be a regualation in the end.

[Desscount]

if this news is true, then it would be very risky to hold Bitcoin at this time, it seems that the dominance of bitcoin will be reduced, or maybe it's a whales game?

[BitDane]

Who cares if Qatar banned Cryptocurrency, as if they contributed a huge sum to the market anyway.  Qatar banning cryptocurrency has no effect at all. 

if this news is true, then it would be very risky to hold Bitcoin at this time, it seems that the dominance of bitcoin will be reduced, or maybe it's a whales game?

Well if you are a citizen of Qatar then yes, it will be risky for you but not to the others who are not living in that country.   I am thankful that the government in my country is open minded and accepted Bitcoin as payment method. And it helps a lot in terms of job opportunities, investments and taxes.

[minairia3]

This could be temporary. See how China and other Big country also ban crypto then suddenly change their mind and go for supporting blockchain and cryptocurrency.

Maybe this is just a strategy to create fud on market and their own local crypto market so big players can enter with such low price and will boost in the end crypto after buying many bags of coins and tokens. Very old strategy IMO.

[lousie9]

I think as Qatar has received the crypto business because there are often held seminars on crypto about new projects Qatar is a large country that can produce large investors, whether with news about this will improve the market or Chinese investors give a statement about crypto tires in their country and many investors are increasingly panicked that the price of BTC is falling, so how will the impact be in the future if Qatar starts Ban crypto?

[RealMalatesta]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

It means one more country banned cryptocurrency. I do not know to which extend it is true but this might bring a negative impact on the price of the cryptocurrencies. Already we are experiencing some highly volatile price due to the ongoing war like situation between the Iran and the US and this another news like this might bring the price for the coins on another level.

I do not see any bigger fluctuations until now but if the news gets officially verified from the respective government of Qatar than we might see some fluctuations in the price of bitcoins or each other coin which might go down as compared to now. Already we are having some larger issues from the centralized authorities and news like this is like spirit in the fire.

[bttmember]

This is not a shocking news because even now we have such bans in most countries in the world but please understand the statement; they have banned the exchange activities temporarily because in most countries the govts and the beaurocracy have no idea whatsoever about this new tech so they ban it temporarily till they know it and legalize it and i totally agree that these countries will follow the foot steps of big countries like China, USA and Canada etc once these big countries come up with their comprehensive rules and regulations regarding crypto, i think most countries will sort out this issue in next 2 to 3 years.

[FairUser]

Qatar would be like other countries who banned cryptocurrency but after a few months or a few years, they lift up the ban and regulate and accept it as a payment gateway and also a technology that they will be using as an upgrade to their current system. It is normal to see countries banning cryptocurrency but we all know that at the end, cryptocurrency will win in this game and it will have a massive adaption.

I also agree with you, when the country can not control cryptocurrency and bitcoin, they should ban it. After they have a new law to control this market, they will surely lift the ban and start letting people continue to use and invest. Very similar to Japan, Korea and China, they cannot ban forever because no matter what, people in their country will still be able to use and invest in this market.

[criket]

This could be temporary. See how China and other Big country also ban crypto then suddenly change their mind and go for supporting blockchain and cryptocurrency.

Maybe this is just a strategy to create fud on market and their own local crypto market so big players can enter with such low price and will boost in the end crypto after buying many bags of coins and tokens. Very old strategy IMO.

there must be a problem that is bothering the government there. when all of that gets the solution related to the right regulation I think the government will also benefit from crypto. and that can increase investment coming into their countries. at a time like that maybe the thinking of a big country like Qatar will change.

[huu78]

maybe for now, but it is not the end of the line for them =



they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

It should be, if not a lot of people like unfair to the world's countries that have legalized it and like to demo the government in order to be legalized in the future. We must always obey the government also rather than regret getting into the bars because of illegal things like this. And hopefully, many countries legalize cryptocurrency in order to be able to utilize its blockchain.

[Amel]

Maybe this is just the initial regulation about crypto in Qatar. The regulations can change at any time. Qatar prohibits crypto from having a purpose. Maybe they are still learning about crypto currency. Other developed countries have also received cryptocurrency, Qatar as a developed country will certainly rethink regulations regarding crypto. we wait for what the next qatar will do.

I think that is not a strong enough reason, in my opinion although the Qatar is a developed country, it can also be said to be a Muslim-majority country such as Arabic. And as we know that many Islamic religious leaders declared crypto to be haram, so the Qatars made the decision to ban crypto in their countries.

[nutriagrigia]

This could be temporary. See how China and other Big country also ban crypto then suddenly change their mind and go for supporting blockchain and cryptocurrency.

Maybe this is just a strategy to create fud on market and their own local crypto market so big players can enter with such low price and will boost in the end crypto after buying many bags of coins and tokens. Very old strategy IMO.

This is the reality. only the most stupid countries,  can ban cryptocurrency for real. in fact, no government is interested in banning. They do this for some reason. maybe they want to create their own cryptocurrency that will be used on their territory and therefore they want to ban other cryptocurrencies.

[asyakashi]

if this news is true, then it would be very risky to hold Bitcoin at this time, it seems that the dominance of bitcoin will be reduced, or maybe it's a whales game?

I am sure this news will not cause panic, I think this is only a matter of time.
I know there are using complicated laws so it takes time to review the bitcoin trading law there.

[Wipeout2097]

In my opinion if it is true then QATAR will revise its decision because qatar is alone from Gulf countries there is no alien for qatar but UAE is big threat for the economy of qatar,UAE government already encourage the Blockchain and the cryptocurrency even launching own coin.

If qatar really want to beat the UAE in econmoy must think about the latest technology like Blockchain and the cryptocurrency,People who love crypto will move from Qatatr due to Bans and it will also affect the tourism industry of Qatar as well.

[Pham_Kinh_Kong]

I am very disappointed that cryptocurrencies are the trend of the world that Qatar banned. It is impossible to understand what is happening. The ban on cryptocurrencies will not help Qatar integrate into many places.

[ProteinBar]

According to them, they only banned for a short time only. Cryptocurrencies will return to Qatar in the near future.

[traducteurTor]

banning cryptocurrencies could be a bad thing for your country. Cryptocurrencies are not a bad thing, Qatar should have more thought before things are too late 

[mobilestrike]

Maybe this is just the initial regulation about crypto in Qatar. The regulations can change at any time. Qatar prohibits crypto from having a purpose. Maybe they are still learning about crypto currency. Other developed countries have also received cryptocurrency, Qatar as a developed country will certainly rethink regulations regarding crypto. we wait for what the next qatar will do.

I think that is not a strong enough reason, in my opinion although the Qatar is a developed country, it can also be said to be a Muslim-majority country such as Arabic. And as we know that many Islamic religious leaders declared crypto to be haram, so the Qatars made the decision to ban crypto in their countries.

It is not right that some or many Muslim leaders have declared it as haram but they believe that crypto are also currency and they are behaving to crypto the same which other countries are doing. Qatar has banned in the same way as China banned in the past. But sooner when international community will accept it as better for their economy then they will also legalize it.

[X-ray]

According to them, they only banned for a short time only. Cryptocurrencies will return to Qatar in the near future.

Could be true and not true. it doesn't matter whether they are saying to ban it temporarily but usually when it comes to this if they see any benefit of banning crypto more specifically in term of control over the economy they'll hardly lift the ban. Didn't mean to be pessimistic but Qatar taking this move is really limiting the right of their citizens.

[Hamphser]

According to them, they only banned for a short time only. Cryptocurrencies will return to Qatar in the near future.

Could be true and not true. it doesn't matter whether they are saying to ban it temporarily but usually when it comes to this if they see any benefit of banning crypto more specifically in term of control over the economy they'll hardly lift the ban. Didn't mean to be pessimistic but Qatar taking this move is really limiting the right of their citizens.

Well, we can't do anything against to the government if that was their choice but think of it why they have to do that. Although they aren't so sure about it yet because i think they are still waiting for something that would lift the ban. Most Asian countries our starting to ban cryptocurrency specially in the middle eastern part.

[Bossfidelity]

It's quite unfortunate that some countries are yet to come to terms with the fact that cryptocurrency is the future of payment. Its understandable when they give excuses like scam and fraud as the reason for the ban, but there's much more benefit about cryptocurrency than the issues or vices which it seems to create.

[davinchi]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

It means one more country banned cryptocurrency. I do not know to which extend it is true but this might bring a negative impact on the price of the cryptocurrencies. Already we are experiencing some highly volatile price due to the ongoing war like situation between the Iran and the US and this another news like this might bring the price for the coins on another level.

I do not see any bigger fluctuations until now but if the news gets officially verified from the respective government of Qatar than we might see some fluctuations in the price of bitcoins or each other coin which might go down as compared to now. Already we are having some larger issues from the centralized authorities and news like this is like spirit in the fire.

Yeah, usually if something is not written in the law books, it is just a regulation rule for "now" and that's it. I can tell you that in many nations of the world, unless there is a law pass from congress (or whatever equal to it) there are many many not in the law rules that is used unless it gets big enough to be a law. Specially in accounting world there are a lot of (thousands of) "rules" that you abide by that part of the government decided but never passed the congress.

This is more like a "rule" and not a law. When bitcoin or crypto gets big enough that they have to build a "law" around it, you will see how quickly it will change. It all depends on who has bitcoins in Qatar and who doesn't, if there are politicians that will gain money thanks to bitcoin I can assure you they will allow it.

[Murat]

It's a huge blow for the cryptocurrency world, I think Qatar will reconsider this type of decision in the future because Cryptocurrency is the future for the monetary aspect, it's really a sad to see that when the developed world is thinking about the blockchain system at that time Qatar is doing such thing, It's just matter of time that Qatar will change their mindset, I think it's just a political decision because they are considering it for the future purpose, there is no way to ignore the contribution of Qatar in the world economy so anything could happen in the coming days.

[sisule]

Qatar most richest person and wonderful ideas if bitcoin accepted as legal transaction there, how many Qatar people become investor in many Football club around the world because they have much money and available to make bitcoin raise with higher price by accepting as legal transaction currency payment there and become most interested assets investment in Qatar.

[Faxmate]

It's quite unfortunate that some countries are yet to come to terms with the fact that cryptocurrency is the future of payment. Its understandable when they give excuses like scam and fraud as the reason for the ban, but there's much more benefit about cryptocurrency than the issues or vices which it seems to create.

Well officially I did not get any such news  but may be its fact then what’s the problem,??  Crypto is so wide and few countries banning will not effect it’s worth and importance in whole world it only makes fall market for some time but then things get well by itself and the country will lose such decent thing for progress of their country but maybe it’s just fake new because there are so many news like this that has no connection with reality.

[isaac_clarke22]

I guess they couldn't help the thoughts of possible terrorist financing from it.  I don't like KYC policy, but they should at least imposed that instead of banning it fully. While I don't really compare that much on how established crypto is in respective countries but my country imposes that law whenever you use an online wallet so that this money-laundering as well as terrorism would be avoided as much as possible.

[Docnaster]

Oh look, another flawed democracy has cracked down on cryptocurrencies. Why would anybody expect anything different? These governments don't want anybody gaining more power than they already have, and cryptocurrencies are definitely a way to gain more power as an ordinary citizen.

Corruption at its lowest!

[Nezerlan]

Not surprising though. The government understands and fears the power of finance going into the hands of its citizens. They seek to wield and solely maintain control of money by force. Too bad, they are only making crypto more popular and nothing they can do to stop it

[NextDoor125]

Other countries are accepting bitcoin. Now, Technology is developing but why Qatar is closing bitcoin. I think Qatar is doing wrong. And very soon Qatar will launch bitcoin again. Thank you for your informative post.

[bitcoin31]

If they want to ban crypto it's okay because it is not big effect to us even Qatar do that because as far as I know many countries in the woeld are accepting the crypto.  I do not why they did not want their people to use or invest to the cryptocurrency because it is a good opporrunity to the people to earn money.

[BlackboardTrade524]

Qatar is banning bitcoin, that's right, but it's probably for a few days. They will accept Bitcoin again and within a few days, the use of Bitcoin will begin in Qatar's daily life sooner or later .

[ice18]

This will be no impact on the status of bitcoin this country that bans bitcoins are too afraid that their people might see it in the future that bitcoin indeed is one of the most transparent currency in the world and not the paper money.

[bussybuddy]

Other countries are accepting bitcoin. Now, Technology is developing but why Qatar is closing bitcoin. I think Qatar is doing wrong. And very soon Qatar will launch bitcoin again. Thank you for your informative post.

There have been many countries banning bitcoin in the past, but until now, they have lifted the ban and accepted Bitcoin. And I believe that Quatar will lift this ban soon because they are doing it the wrong way.

[shollyen]

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

This is just for the time being, they will still come back to lift the ban. Some countries did this in the past and with time, they either soften the rule or lift the ban entirely.
The reason they out ban on crypto in GFC is a common problem that so many countries face. It is actually very easy to launder money with crypto and maybe to fund terrorism with crypto, but, before crypto came into existence and before its use as a means of transferring funds, some people have been laundering money without being caught and they have been funding terrorism without crypto. So what are we saying? I believe placing a ban on crypto is not the answer and with time they will get to know this.

[forexandcryptoauditor]

There will always be a dilemma until cryptocurrency gets regulated. Countries which are most affected due to money laundering, tax nonpayment, are always thinking to ban of cryptocurrencies. Also, investor point of view, governments always warn their investors to be careful and do it on own risk as we have seen the case of peak price of BTC in 2017 and the decline in 2018.
However, looking at the benefits of blockchain technology, countries also don't want to be behind other countries that are getting benefitted through cryptocurrencies.

[LostConfidence243]

I think they will change their decision on this matter when many countries supporting crypto and first world countries are accepting it mean while qatar has banned it . I think it is a political related decision. But it is only for now, if they see that cryptocurrency or blockchain will be very useful and embraced by large countries then they don't have a choice but to go with the flow and accept cryptocurrency wholeheartedly with joy .

[Indymoney]

I think they will change their decision on this matter when many countries supporting crypto and first world countries are accepting it mean while qatar has banned it . I think it is a political related decision. But it is only for now, if they see that cryptocurrency or blockchain will be very useful and embraced by large countries then they don't have a choice but to go with the flow and accept cryptocurrency wholeheartedly with joy .

Now they are working on it and we can expect some good news from them in near future because their rival UAE is also bringing some good and soft policies for this and they will no much behind this all as this can bring some good investment and latest technology which will be very useful in many industries in future.

[Convery]

Why we should care about QATAR? Personally I do not know where QATAR is.  The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

[AssociatesBumble579]

This decision from Qatar may stand temporarily . Big country like China, USA and Canada supporting blockchain and cryptocurrency. Qatar will be on this flight pretty soon in my opinion . Think global not local .

[qigong13]

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

[bitbollo]

Why we should care about QATAR? Personally I do not know where QATAR is.  The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

maybe because other crypto users live there and this is a problem for them!

crypto is not a "single unit of value" there are hundreds of tokens and it's clear impossible it can replace dollars as "international standard",
Maybe bitcoin is the only that can take this step but for sure not now, this is not to happens in fast times.

Fortunately this is a temporary ban. it's pretty clear that more Countries or private entities are more focused in blockchain technology and they will ne more focused in these advancement in the next years.

[Iyeman]

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

It has not yet changed even with the spread of this virus and there was no an official statement regarding the to lift ban for cryptocurrency. It's not a big problem when this one is not wanna adopting crypto and we have a good country like japan, SG and many more.

[pakhitheboss]

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

Forget anything this year. Most countries are now busy tackling the COVID19 situation and the same is also applicable for Qatar. They might look into it later on when things have settled down as oil and gas prices have also taken a big hit and it might be affecting Qatar's economy as they depend on gas.

[Indymoney]

Why we should care about QATAR? Personally I do not know where QATAR is.  The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

Qatar is very small country in Gulf but one of world's richest country as per capita of $116,799 so just because of this few peoples was concern about this but hopefully we will have some good news about this after this all COVID19 situation because right now no development about any thing in any country.

[tycsols]

This is the same style of ban that most of the countries have applied in the past, actually the government and the beauracracy takes time to understand about this new tech and business and in the end they come up with pro crypto regulations and we are largely seeing that, even FATF now has this requirement from all countries to regulate crypto and introduce crypto rules, so do not worry soon crypto will be back in Qatar.

[Tigboom]

It's not a surprising thing. Every country can do what they like. So far we have had some countries that hadn't banned cryptocurency trading and exchange. It will keep increasing as time goes on.

[matchi2011]

This is the same style of ban that most of the countries have applied in the past, actually the government and the beauracracy takes time to understand about this new tech and business and in the end they come up with pro crypto regulations and we are largely seeing that, even FATF now has this requirement from all countries to regulate crypto and introduce crypto rules, so do not worry soon crypto will be back in Qatar.

After those assessment and if people who do use crypto some this country will conduct their demands of using this system the government might take a closer look and dig a deeper understanding regarding to this industry, there are always a doubts since the first thing in mind is on how to control this currency and how the government will take advantage if that can be explained well then he chance of considering this system will be there.

[jessyj48]

It's nothing new, every countries with tough laws with later join others when crypto payment have gain better ground around the globe, they will be the last to join the train, it's nothing to be worried about

[yazher]

Since using cryptocurrencies has not yet fully understand to the sharia law, this is the best thing they can do. they need to ban it, for now, to stop people from investing in it without some proper knowledge. it could become forbidden or permissible after they fully studied it on how it works. When they know how would it affect the people, good things, or bad, they will give a verdict that will be forbidden or permissible.

[coinfinger]

Qatar may or may not lift the ban on crypto very soon, but I know for a fact that they will have to lift it eventually because there are so many big nations that are allowing it and even making a profit thanks to crypto taxes as well, which means crypto will get bigger and bigger the more space it finds for itself.

No country will stop crypto movements and deny taxes for themselves, governments love taxes, the more taxes they can get the better, hell if governments could have they would probably take all of your money as taxes and offer you life for free instead like a communist country just so they could have all the money to themselves. Which means Qatar will realize all other nations making money from taxes and will want to get taxes from crypto eventually.

[Melody2]

I know that this may mean bad news for cryptocurrency but I think these bans never last for long. Also, I don't believe it will impact the current price of BTC or other altcoins in the market like it normally would have before

[Davian144]

I know that this may mean bad news for cryptocurrency but I think these bans never last for long. Also, I don't believe it will impact the current price of BTC or other altcoins in the market like it normally would have before

Yes, it does seem like bad news for the cryptocurrency space, but the effect is clearly not going to be much, because Qatar is a developed and rich country, so they don't need crypto space to make investments, and all economic sectors in Qatar are clearly very real and transparent.

[7788bitcoin]

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

During a pandemic no country will be spending time to change its policy and Qatar have come to a decision well before the pandemic was declared.
The common concept many think is that switching to digital means switching to crypto and that too a decentralized currency and that is not going to happen as there are many centralized digital platform.

[Twinkledoe]

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

During a pandemic no country will be spending time to change its policy and Qatar have come to a decision well before the pandemic was declared.
The common concept many think is that switching to digital means switching to crypto and that too a decentralized currency and that is not going to happen as there are many centralized digital platform.

I think sooner or later they will change their stance on crypto especially because of this pandemic. They will realize that crypto has advantage in situation like this. Because even if they will not lift such ban, they will just be left behind by other countries. And I don't think Qatar, is a type of country that will want to stay untouched by technology.