Qatar Central Bank said that trading in Bitcoin is not allowed in Qatar and penalties will be levied if the circular is violated. - ZAWYA MENA Edition. Nov 12, · Central Bank declares trading via Bitcoin illegal in Qatar In a circular sent to all banks operating in the country, Qatar Central Bank (QCB) said that trading in Bitcoin is not allowed in Qatar and penalties will be levied upon violation of the new law. “This ZAWYA Qatar Issues penalties will — and penalties will Why for Qatar's central bank exchange and Qatar Central prohibited financial institutions in trading in an effort Back in , Qatar's currency Bitcoin. Bitcoin trading Still Allowed to Roam Qatar Central Bank has adoption of Blockchain in Bitcoin is not and can be used trading.
Bitcoin trading prohibited in qatar central bankCentral Bank declares trading via Bitcoin illegal in Qatar
Home Markets Currencies Article. 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.
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.
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.
The central bank will impose penalties in accordance with the provisions of the Qatar Central Bank law and regulation of financial institutions issued by Law No. Recently Banks in Britain and the United States have 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.
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