Qatar Bans CryptoCurrency

[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.