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Tribune News Network
Doha
Trading in virtual currency Bitcoin is prohibited in Qatar and penalties will be slapped on anyone found using it, Qatar Central Bank (QCB) has said.
In a circular sent to all banks operating in the country, QCB said active trading in Bitcoin has been noticed in some countries. However, it is an illegal currency as there is no commitment from any central bank or government in the world to exchange the currency's value for money nor is it cleared for payment for the goods traded globally, or for gold.
"This cryptocurrency is highly volatile and can be used for financial crimes and electronic hacking and risks loss of value because there are no guarantors or assets," it added.
The central bank explained that in order to ensure the safety of the financial and banking system, all banks operating in the country are prohibited from dealing in any way with this currency.
