BITCOIN TRADING ILLEGAL IN QATAR: CENTRAL BANK
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.