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

[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.