Qatar central bank warns banking institutions not to trade Bitcoin or other cryptocurrencies

Author: Justin Low | Category: Cryptocurrency

The Qatar Central Bank sent a statement to all banks in the country, saying penalties will be levied if the circular is violated

The central bank made clear that all banks operating in the country are not allowed to deal in any way with Bitcoin or any other cryptocurrency - and that includes sending or receiving money transfers for the purpose of buying, selling, or account openings in cryptocurrency exchanges.

We've already seen similar moves from US and UK financial institutions, and this only adds to that.

The statement says that "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".

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