Qatari National Blockchain Blueprint Spotlights Benefits of Technology for Country’s Economy – Bitcoin News from Emerging Markets

Qatar’s recently released “National Blockchain Blueprint” has suggested that the technology, combined with a “robust regulatory framework,” could help the country build an innovative information technology (IT) sector. But for this to happen, Qatar must implement the recommendations in the plan.

Qatar is said to be well placed to become Blockchain Hub

A blueprint prepared jointly by Qatar’s Communications Regulatory Authority (CRA) and two learning institutions, Hamad Bin Khalifa University and Qatar University, seeks to spotlight how blockchain “can help build an innovative and growing IT sector” in the country. Citing Qatar’s small population and size, the document argues that the country is well positioned to become one of the leading countries in promoting blockchain innovations.

However, before achieving its status as one of the largest blockchain hubs globally, Qatar still needs to create an enabling environment for the technology to flourish. One of the ways to do this, according to the 23-page document’s executive summary, is by developing a “robust regulatory framework.” As well as helping to bring in investors, there is said to be a need for such regulations for both consumers and innovators.

“Regulation is not only important to protect users and ensure security, but also to provide the adequate legal framework that allows blockchain innovation and adoption. This can be achieved by identifying the different domains of blockchain-based services, their associated regulatory requirements and appropriate regulatory approaches to serve each domain,” the National Blockchain Blueprint for Qatar states.

The plan also specifies the conditions plus incentives that must be “obtained by each sector for technology adoption that will allow start-ups, pilot projects and new companies to emerge.”

Strengthening Qatar’s competitiveness with blockchain

In its conclusion, the document states that if all the recommendations in it are implemented, this can contribute to “the development of human capital through job creation and skills development”. Implementation of the blueprint’s recommendations could potentially stimulate growth and increase Qatar’s competitiveness.

Meanwhile, the country’s communications authority has said that stakeholders and members of the public interested in reviewing the blockchain plan must send feedback via email before September 15.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.