Doha: In a statement sent to all banks operating in the country,Qatar Central Bank said that trading in Bitcoin is not allowedin Qatar and penalties will be levied if the circular is violated.
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Is bitcoin trading allowed in Qatar?
Doha: In a statement sent to all banks operating in the country, Qatar Central Bank said that trading in Bitcoin is not allowed in Qatar and penalties will be levied if the circular is violated.
Which countries have banned bitcoin trading?
India, of course, has said financial firms cannot provide such services, and China has banned the operation of domestic exchanges. Back in 2018, Qatar鈥檚 central bank banned bitcoin trading in an effort to 鈥渆nsure the safety of the financial and banking system,鈥?as reported in The Peninsula, Qatar鈥檚 daily newspaper,
Why is Qatar banning cryptocurrencies?
As reported by the Gulf Times, the Qatar Central Bank adopted new regulations in December that focus on combating money laundering and terrorist financing. With the ban, Qatar becomes the latest in a string of countries that have put brakes on the promotion of financial services tied to cryptocurrencies.
Is it legal to trade Bitcoin?
Active trading in Bitcoin have been noticed in some countries, but it is an illegal currency because there is no commitment from any central bank or a government in the world to exchange their value for money issued and cleared for payment for the goods traded globally or for gold, the statement said.