Qatar Bans CryptoCurrency

[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.

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[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 .