Qatar Bans CryptoCurrency | Bitcointalksearch.org

Twinkledoe

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Quote from: 7788bitcoin on April 26, 2020, 05:19:53 PM

Quote from: qigong13 on April 25, 2020, 07:49:40 AM

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

During a pandemic no country will be spending time to change its policy and Qatar have come to a decision well before the pandemic was declared.
The common concept many think is that switching to digital means switching to crypto and that too a decentralized currency and that is not going to happen as there are many centralized digital platform.

I think sooner or later they will change their stance on crypto especially because of this pandemic. They will realize that crypto has advantage in situation like this. Because even if they will not lift such ban, they will just be left behind by other countries. And I don't think Qatar, is a type of country that will want to stay untouched by technology.

7788bitcoin

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Quote from: qigong13 on April 25, 2020, 07:49:40 AM

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

During a pandemic no country will be spending time to change its policy and Qatar have come to a decision well before the pandemic was declared.
The common concept many think is that switching to digital means switching to crypto and that too a decentralized currency and that is not going to happen as there are many centralized digital platform.

Davian144

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Quote from: Melody2 on April 26, 2020, 11:42:04 AM

I know that this may mean bad news for cryptocurrency but I think these bans never last for long. Also, I don't believe it will impact the current price of BTC or other altcoins in the market like it normally would have before

Yes, it does seem like bad news for the cryptocurrency space, but the effect is clearly not going to be much, because Qatar is a developed and rich country, so they don't need crypto space to make investments, and all economic sectors in Qatar are clearly very real and transparent.

Melody2

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I know that this may mean bad news for cryptocurrency but I think these bans never last for long. Also, I don't believe it will impact the current price of BTC or other altcoins in the market like it normally would have before

coinfinger

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Qatar may or may not lift the ban on crypto very soon, but I know for a fact that they will have to lift it eventually because there are so many big nations that are allowing it and even making a profit thanks to crypto taxes as well, which means crypto will get bigger and bigger the more space it finds for itself.

No country will stop crypto movements and deny taxes for themselves, governments love taxes, the more taxes they can get the better, hell if governments could have they would probably take all of your money as taxes and offer you life for free instead like a communist country just so they could have all the money to themselves. Which means Qatar will realize all other nations making money from taxes and will want to get taxes from crypto eventually.

yazher

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Since using cryptocurrencies has not yet fully understand to the sharia law, this is the best thing they can do. they need to ban it, for now, to stop people from investing in it without some proper knowledge. it could become forbidden or permissible after they fully studied it on how it works. When they know how would it affect the people, good things, or bad, they will give a verdict that will be forbidden or permissible.

jessyj48

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It's nothing new, every countries with tough laws with later join others when crypto payment have gain better ground around the globe, they will be the last to join the train, it's nothing to be worried about

matchi2011

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Quote from: tycsols on April 25, 2020, 01:21:52 PM

This is the same style of ban that most of the countries have applied in the past, actually the government and the beauracracy takes time to understand about this new tech and business and in the end they come up with pro crypto regulations and we are largely seeing that, even FATF now has this requirement from all countries to regulate crypto and introduce crypto rules, so do not worry soon crypto will be back in Qatar.

After those assessment and if people who do use crypto some this country will conduct their demands of using this system the government might take a closer look and dig a deeper understanding regarding to this industry, there are always a doubts since the first thing in mind is on how to control this currency and how the government will take advantage if that can be explained well then he chance of considering this system will be there.

Tigboom

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It's not a surprising thing. Every country can do what they like. So far we have had some countries that hadn't banned cryptocurency trading and exchange. It will keep increasing as time goes on.

tycsols

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This is the same style of ban that most of the countries have applied in the past, actually the government and the beauracracy takes time to understand about this new tech and business and in the end they come up with pro crypto regulations and we are largely seeing that, even FATF now has this requirement from all countries to regulate crypto and introduce crypto rules, so do not worry soon crypto will be back in Qatar.

Indymoney

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Quote from: Convery on April 24, 2020, 04:40:45 PM

Why we should care about QATAR? Personally I do not know where QATAR is. Cheesy

The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

Qatar is very small country in Gulf but one of world's richest country as per capita of $116,799 so just because of this few peoples was concern about this but hopefully we will have some good news about this after this all COVID19 situation because right now no development about any thing in any country.

pakhitheboss

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Quote from: qigong13 on April 25, 2020, 07:49:40 AM

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

Forget anything this year. Most countries are now busy tackling the COVID19 situation and the same is also applicable for Qatar. They might look into it later on when things have settled down as oil and gas prices have also taken a big hit and it might be affecting Qatar's economy as they depend on gas.

Iyeman

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Quote from: qigong13 on April 25, 2020, 07:49:40 AM

Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

It has not yet changed even with the spread of this virus and there was no an official statement regarding the to lift ban for cryptocurrency. It's not a big problem when this one is not wanna adopting crypto and we have a good country like japan, SG and many more.

bitbollo

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Quote from: Convery on April 24, 2020, 04:40:45 PM

Why we should care about QATAR? Personally I do not know where QATAR is. Cheesy

The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

maybe because other crypto users live there and this is a problem for them!

crypto is not a "single unit of value" there are hundreds of tokens and it's clear impossible it can replace dollars as "international standard",
Maybe bitcoin is the only that can take this step but for sure not now, this is not to happens in fast times.

Fortunately this is a temporary ban. it's pretty clear that more Countries or private entities are more focused in blockchain technology and they will ne more focused in these advancement in the next years.

qigong13

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Has anything changed since the coronavirus pandemic happen? Qatar might change its mind because some countries realize they need to switch to the digital and crypto assets to keep the trading flow amidst lockdown.

AssociatesBumble579

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This decision from Qatar may stand temporarily . Big country like China, USA and Canada supporting blockchain and cryptocurrency. Qatar will be on this flight pretty soon in my opinion . Think global not local .

Convery

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Why we should care about QATAR? Personally I do not know where QATAR is. Cheesy

The biggest crypto market is in China and USA. But both countries have economy problems, maybe crypto will show its power and replace the dollar as the international currency?

Indymoney

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Quote from: LostConfidence243 on April 24, 2020, 01:03:29 PM

I think they will change their decision on this matter when many countries supporting crypto and first world countries are accepting it mean while qatar has banned it . I think it is a political related decision. But it is only for now, if they see that cryptocurrency or blockchain will be very useful and embraced by large countries then they don't have a choice but to go with the flow and accept cryptocurrency wholeheartedly with joy .

Now they are working on it and we can expect some good news from them in near future because their rival UAE is also bringing some good and soft policies for this and they will no much behind this all as this can bring some good investment and latest technology which will be very useful in many industries in future.

LostConfidence243

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I think they will change their decision on this matter when many countries supporting crypto and first world countries are accepting it mean while qatar has banned it . I think it is a political related decision. But it is only for now, if they see that cryptocurrency or blockchain will be very useful and embraced by large countries then they don't have a choice but to go with the flow and accept cryptocurrency wholeheartedly with joy .

forexandcryptoauditor

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There will always be a dilemma until cryptocurrency gets regulated. Countries which are most affected due to money laundering, tax nonpayment, are always thinking to ban of cryptocurrencies. Also, investor point of view, governments always warn their investors to be careful and do it on own risk as we have seen the case of peak price of BTC in 2017 and the decline in 2018.
However, looking at the benefits of blockchain technology, countries also don't want to be behind other countries that are getting benefitted through cryptocurrencies.

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