Qatar Bans CryptoCurrency

[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.

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[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.