Qatar Bans CryptoCurrency - page 5. | Bitcointalksearch.org

samcrypto

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Quote from: AmoreJaz on January 07, 2020, 06:49:36 AM

maybe for now, but it is not the end of the line for them =

they will change their position on this matter when more and more countries esp first/second world countries are openly supporting crypto where most of them already are supporting crypto in terms of its legalities...

Maybe they are still studying bitcoin and this cryptomarket and let’s hope that they will change that decision later on. The tension in Middle East is getting higher, Qatar is thinking differently, but this decision wont last because I believe this year is a year of cryptocurrency and Qatar will notice cryptocurrency again.

cabron

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The localbitcoin in Iran were still gaining volume even when they know their government ban crypto/BTC in their country. They may for now ban but in time, just like some countries that did ban BTC they will start seeing the decentralize cryptocurrency to be more helpful to them than the ones that will hurt their economy.

TastyChillySauce00

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Imposing ban just because they are fighting money laundering and terrorism is just a really weak reasoning. There should be a bigger motive behind this banning.
Although I'm sure that Qatar ban won't significantly affect the market but it's always such unfortunate to see a country is imposing ban without a strong reason and probably just making up excuse.

batang_bitcoin

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Quote from: alyssa85 on January 08, 2020, 07:22:38 AM

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

It's very convenient for them and I think the ban was not on the right timing because their people might be thinking of some ways to prevent the destruction or even become a collateral damage of the possible war. But anyway, I've heard that Trump won't retaliate with what Iran has done. This is basically a piece of good news to the world that wants peace but it's just the beginning and may soon turn around and will proceed at anytime base on his decision. As for this ban, what if we see the same thing as other countries did like China that banned it and later on lifted it?

zhekinsp

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Quote from: alyssa85 on January 08, 2020, 07:22:38 AM

Quote from: zhekinsp on January 07, 2020, 11:49:12 AM

Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

As long as people holding the bitcoin then it won't affect the market and as you said those country people will not sell their cryptos since they need that most if there is war season there.

alyssa85

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Quote from: zhekinsp on January 07, 2020, 11:49:12 AM

Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

They might. There is a huge interest in bitcoin in the ME as a way to have portable money. Events in Syria, and now Iraq and Iran means there may be a war at any time. Qatar itself was blockaded by Saudi. So people have been buying bitcoin because you can then leave with your wallet on a USB stick if you need to.

I expect they're worried about capital flight which is why this ban has come into effect.

dimonstration

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Quote from: Doell on January 08, 2020, 06:18:48 AM

it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

Governments have different say in the effect of crypto in their economy, they sometimes felt that its against their law in taxing or became an hindrance in their political will. However bitcoin, cryptos is already immune in these events as many countries ban it but then some realize they need it.

bitcampaign

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It doesn't matter in my opinion if the Qatars banned crypto currencies, it would not hurt for all of us here, they would later need us too, so this news would not have any effect on the price of bitcoin, just think neutral that they prohibit because they don't know this technology yet and they don't learn it, if they know and learn it might say differently

comchien

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It's sad that their government bans cryptocurrencies but maybe they are in need of a regulatory governing for cryptocurrencies, hopefully in the future the nation will have another idea about vi65c banning cryptocurrencies.

crwth

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I saw that the title has the phrase "Blanket Ban on Cryptocurrency Businesses."

I immediately searched for what does a blanket ban means, and what I saw is that it's a complete and total ban of a particular subject, in this case, cryptocurrency businesses. So I'm not sure that it's safe to say that cryptocurrencies are still allowed, but the act on companies and services that accept cryptocurrencies are not allowed? So I have done more research about it and saw this tweet by @QFCRA states the definitions of "Virtual Asset Services" [1]

It does include all the transfer, holding, exchange of assets, etc. So they made it clear that they don't want to be a part of the cryptocurrency community. But like what the others said, it's until further notice.

Maybe they have something behind the curtain, working on their technology or something. We still have to find out.

[1] - https://twitter.com/QFCRA/status/1210149668056915970

SolarWindMiningCompany

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Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Is this a reactionary effort towards the tension between Iran and USA? Obviously, one can easily attribute the recent hike in bitcoin prices to that. Even Oil has surged to 25%, as well as gold. 2020 is already playing out to be a remarkable year

pikkie

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Quote from: Doell on January 08, 2020, 06:18:48 AM

it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

well this kind of news I'm sure will only be bad news because many countries give statements like this but some time later the country began to develop the blockchain platform and began to study blockchain technology so don't be surprised if there are statements like that.

Doell

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it will not stop enthusiasm of people there for crypto ,we all know chinese government and india has banned crypto in the past but the enthusiasm of public to use crypto is greater and will continue to grow ,so I feel this will not be long and not political either but the policy wrong in understanding part crypto

audaciousbeing

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Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Its good that they mention that its until further notice and they did not put a specific timeline to it for the ban to be effective, neither did they say its banned for life which means that they can either lift it tomorrow or in the next ten years. What the ban really means is that, give us time to figure out the entire process all over again so that we can plug all the lapses we have noticed that is dangerous or threatened our own interest.

el kaka22

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Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

Let's not say that they banned crypto but banned the companies dealing with crypto. You could have crypto right now and still be fine and nobody will punish you for it, however companies that deal with crypto buying and selling are banned to operate right now so you have no method of buying or selling crypto in Qatar.

However, that is most likely because Qatar wants to build a law that is similar to KYC to prevent the money laundering which exists a lot in Qatar thanks to many rich folks embezzling money from their companies being a cultural thing there, so they will provide some sort of law that makes sure who buys crypto and sells crypto and see if there is anything wrong going on.

After creating that law they will notify all companies who wants to build a market for crypto buy/sell market and those companies will follow that law.

Golftech

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Quote from: zhekinsp on January 07, 2020, 11:49:12 AM

Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

That might be a good question. If those holders will not participate in any trades and will just keep their assets and wait for longer time hoping for changes regarding to their government stand about this matter. We can't assume what future will bring to this industry, as there's always a good side in every bad news that spreading around. For now we can't expect anything from Qatar as they've stated their position about crypto businesses.

forexandcryptoauditor

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This is not so good for investors from Qatar. I don't know how much influence it will have on entire cryptocurrencies market, but definitely it's not good.
Many countries at the moment opposing restrictions or thinking complete ban on cryptocurrencies. This is refusing confidence in investors.

zhekinsp

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Quote from: Indymoney on January 07, 2020, 06:39:10 AM

The Regulatory Authority shall impose penalties in accordance with its rights and obligations [...] in case of any violation of undertaking [...] activities that are not permitted in the QFC.
https://cointelegraph.com/news/qatar-financial-centre-puts-blanket-ban-on-cryptocurrency-businesses

What if other gulf countries follows quatar? Might be a huge blow for crypto market because more people from that region holding cryptos for years but they are not going to trade everyday o they are not in a hurry.

tsaroz

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Qatar has restricted itself from its neighboring countries (they had embargoed Qatar anyway) and this could be the move to further restrict the move of capital to and from these countries. Qatar has been a crypto neutral country in the past and I really hope they come up with some form of regulation to better use crypto than putting a blanket ban.

mindrust

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Can't decide if this is good or bad for bitcoin.

Banned means it cannot be taxed. Unless the penalty for owning crypto is jail time, It is a good thing. When you get caught, you pay the fine and move on.

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