News Of The Crypto Ban Came Via A Report By The Qatar Financial Centre Regulatory Authority.
Bitcoin mining hardware handles the actual bitcoin mining process, but , bitcoin mining software is more important then hardware. In 2018, qatar’s central bank also said that bitcoin trading is illegal in the country. The ban is on banks being allowed to trade in bitcoin (and other crypto).
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It is also banned in the qatar financial centre. Some bitcoin miners are trading in their diamond hands to pay for their picks and shovels. Its laws, unfortunately, have not been too friendly to bitcoin and crypto in recent years.
The Circular Described Bitcoin As Illegal And Unsupported By Any Central Bank Or Government.
Bitcoin mining comes with an environmental cost, and a study claims it is killing thousands of people. While bitcoin has slipped towards levels of around $42,000 in recent days, it hasn’t surrendered all the gains made from lows of $32,950 hit on january 24. Marathon digital holdings and hut 8 mining corp have both filed with the securities and exchange commission for the option to sell company stock for cash.
Policymakers Have Already Responded, Leading ‘Miners’ To Move Countries.
In february 2018 the supervision and control of financial institution division at qatar’s central bank issued a circular to all banks operating in qatar warning against trading in bitcoin. The news comes as a shock as qatar has was seen as a leader in terms of blockchain adoption in the region. The qatar financial centre authority affirms that virtual asset services may not be conducted in or from the qfc.
The Mining Software Connects Your Bitcoin Miner To The Blockchain.
Now, government officials are voicing concerns over money laundering and terrorist financing as a means to stifle local crypto activities. A pair of big bitcoin miners are poised to sell their stock in the face of a drop in token prices that has led other miners to trade in some their bitcoin holdings. In other words, bitcoin just got banned aga.