March 28, 2024

Qatar bans cryptocurrency

Qatar bans cryptocurrency

According to local media reports, the Middle Eastern country, with a population of more than 2.5 million people, has bannedcryptocurrency trading.

According to a recent report, the regulator of the Qatar Financial Center (QFC) said that "virtual assets cannot be sold or used in the country."

The adopted ban on cryptocurrency in Qatar is quiteextensive and applies to "any item of value that replaces the currency and can be sold or translated digitally, and which can be used for payment or investment purposes."

According to the report, the ban includesconversion of cryptocurrencies and fiat, transfer or exchange of digital assets between them, storage or management of crypto assets. Digital wallets are also banned.

So far, QFC representatives have not commented.reasons for such a strict ban. However, the Arab countries have always been careful about new financial technologies. In 2018, the Central Bank of Qatar stated that bitcoin trading in the country is illegal. In fact, a direct ban on the use of cryptocurrency exists in countries such as Algeria, Iraq, Morocco and Libya. In addition, the Kuwaiti Ministry of Finance and the Central Bank previously stated that they would not recognize bitcoin.