The Qatar Central Bank issued Circular No. 6/2018 regarding Dealing with Bitcoin. The Circular states that the cryptocurrency is illegal in Qatar for lack of being registered with any national central bank or sovereign Government.

The Circular states that use of Bitcoin is a global danger due to its significant value fluctuation, the possibility of the cryptocurrency’s use for illicit activities, and the potentially extreme losses Bitcoin owners can suffer.

To protect the financial and banking system, banks have been instructed to reject dealings with Bitcoin in any manner, exchange Bitcoin, open Bitcoin accounts, or accept Bitcoin transfers, sales, or purchases.

The Qatar Central Bank shall draft the sanctions and penalties for dealing with Bitcoin in according with Law No. 13 of 2012 Regulating Financial Institutions.