Expats in Qatar now forbidden to use cryptocurrency

Expats in Qatar now forbidden to use cryptocurrency

Expats in Qatar now forbidden to use cryptocurrency

If you’re planning to become an expat in Qatar and regularly use digital money or invest in cryptocurrencies, perhaps you should consider another destination.

Qatar’s population of 2.6 million includes a large percentage of top-salaried expatriate professionals, making its average per capita income one of the highest in the world. Given this fact, the reasons behind the emirate’s banning of digital currencies is difficult to explain, especially to expats making even more money by using their spare cash to trade in cryptocurrencies. The ban was imposed recently, coming as a shock for investors and high-salaried expats who enjoy a flutter.

Apparently, according to the official announcement, ‘virtual asset services may not be conducted from or in the country’. The statement continued, saying the new rule applies to literally anything of value used in place of hard currency and includes investments and payments. In other words, all types of crypto usage are now banned.

It seems the block began two years ago, but was only ratified into law recently, although digital forms of financial instruments and securities seem to be still permitted. In the real world, Qatar is the perfect place for cryptocurrency usage due to its high percentage of expat professionals at high income levels. Some are linking the announcement with the region’s scary levels of threat following the US military strikes, but the link isn’t clear.

As crypto interest rates tend to rise in times of high uncertainty, with Bitcoin and its look-alikes higher now than before Trump’s action, questions are being asked about the possibility of a Qatar-introduced digital coin. At present, China is tightening its crypto laws in preparation for the launch of its fiat money’s digital version. Whatever the reasons behind Qatar’s sudden rejection of cryptocurrency, those expat professionals for whom Bitcoin and its rivals are a must would be better off choosing another location for their talents.

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