Qatar Central Bank prohibits trading of virtual currency Bitcoin in the country

Qatar Central Bank prohibits trading of virtual currency Bitcoin in the country

QLBusiness
By QLBusiness

Bitcoin had recently become a huge craze across the world, with its value going through the roof before crashing back to more normal levels in recent times.

While the virtual currency was slowly becoming more popular in the country, the Qatar Central Bank (QCB) has moved to curb its usage.

In a statement sent to all banking institutions operating in the country, the Qatar Central Bank has made it illegal to deal in Bitcoins, reported The Peninsula.

The circular also warned of penalties being levied from people who violates the rule.

The QCB said that active trading in Bitcoin has been noticed in some countries. However, it is an illegal currency as there is no commitment from any central bank or government in the world to exchange the currency’s value for money nor is it cleared for payment for the goods traded globally, or for gold, it said, according to Qatar Tribune.

“This cryptocurrency is highly volatile and can be used for financial crimes and electronic hacking and risks loss of value because there’re no guarantors or assets,” the QCB added.

The central bank explained that in order to ensure the safety of the financial and banking system, all banks operating in the country are not allowed to deal in any way with this currency or exchange it with any other, or open accounts to deal with it or send or receive any money transfers for the purpose of buying or selling this currency.

Recently, banks in Britain and the USA had banned the use of credit cards to buy Bitcoin and other cryptocurrencies, fearing a plunge in their value will leave customers unable to repay their debts.

By lineagerq• 11 Jul 2021 01:04
lineagerq

[url=dawdaw.com]dawdadda[/url]

By lineagerq• 11 Jul 2021 01:04
lineagerq

awdawdaw

By Rajamohane• 1 Apr 2021 17:00
Rajamohane

Can anyone suggest, ,

is Cryptocurrency trading is illegal. My account and my transaction is all from Indian account .

Am only using the application to trade from here all my KYC and account are in India only , ,

Then also is it illegal to do

By andrewdavid• 24 Dec 2020 10:37
andrewdavid

I don't understand why Qatar central bank is prohibiting the trading of virtual currency in the country. They should contact The watchdog

so that they can know mining bitcoins and selling it is good for entrepreneurs.

Log in or register to post comments

More from Qatar Living

Qatar’s top beaches for water sports thrills

Qatar’s top beaches for water sports thrills

Let's dive into the best beaches in Qatar, where you can have a blast with water activities, sports and all around good times.
Most Useful Apps In Qatar - Part Two

Most Useful Apps In Qatar - Part Two

This guide brings you the top apps that will simplify the use of government services in Qatar.
Most Useful Apps In Qatar - Part One

Most Useful Apps In Qatar - Part One

this guide presents the top must-have Qatar-based apps to help you navigate, dine, explore, access government services, and more in the country.
Winter is coming – Qatar’s seasonal adventures await!

Winter is coming – Qatar’s seasonal adventures await!

Qatar's winter months are brimming with unmissable experiences, from the AFC Asian Cup 2023 to the World Aquatics Championships Doha 2024 and a variety of outdoor adventures and cultural delights.
7 Days of Fun: One-Week Activity Plan for Kids

7 Days of Fun: One-Week Activity Plan for Kids

Stuck with a week-long holiday and bored kids? We've got a one week activity plan for fun, learning, and lasting memories.
Wallet-friendly Mango Sticky Rice restaurants that are delightful on a budget

Wallet-friendly Mango Sticky Rice restaurants that are delightful on a budget

Fasten your seatbelts and get ready for a sweet escape into the world of budget-friendly Mango Sticky Rice that's sure to satisfy both your cravings and your budget!
Places to enjoy Mango Sticky Rice in  high-end elegance

Places to enjoy Mango Sticky Rice in high-end elegance

Delve into a world of culinary luxury as we explore the upmarket hotels and fine dining restaurants serving exquisite Mango Sticky Rice.
Where to celebrate World Vegan Day in Qatar

Where to celebrate World Vegan Day in Qatar

Celebrate World Vegan Day with our list of vegan food outlets offering an array of delectable options, spanning from colorful salads to savory shawarma and indulgent desserts.