BIT­COIN TRAD­ING IL­LE­GAL IN QATAR: CEN­TRAL BANK

Qatar Today - - BUSINESS > BANK NOTES -

Qatar Cen­tral Bank re­cently is­sued a state­ment to all banks in the coun­try that trad­ing in Bit­coin will not be ac­cepted and vi­o­la­tion of the same will lead to penal­ties. In re­cent times ac­tive trad­ing in Bit­coin has been ob­served in Qatar. How­ever, it is an il­le­gal cur­rency as 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 goods traded glob­ally or for gold, the state­ment said.

“This cryp­tocur­rency is highly volatile and can be used for fi­nan­cial crimes and elec­tronic hack­ing as well as risk loss of value be­cause there are no guar­an­tors or as­sets,” said the state­ment.

The cen­tral bank fur­ther ex­plained that in or­der to en­sure the safety of the fi­nan­cial and banking sys­tem, all banks in the coun­try are dis­al­lowed to deal in any way with Bit­coin or ex­change it with any other cur­rency, or open ac­counts to deal with it, or send or re­ceive any money trans­fers for the pur­pose of buy­ing or sell­ing this cur­rency.

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