Qatari National Blockchain Blueprint Spotlights Benefits of the Technology to Country’s Economy

By | August 19, 2022

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

Qatar Said to Be Well Placed to Become Blockchain Hub

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

However, before attaining its status as one of the biggest blockchain hubs globally, Qatar still needs to create an enabling environment for the technology to flourish. One of the ways of doing this, according to the 23-page document’s summary, is by developing a “solid regulatory framework.” In addition to helping bring in investors, such a regulatory framework is said to be needed by 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 approach to serve each domain,” the National Blockchain Blueprint for Qatar stated.

The blueprint also spells out the conditions plus incentives that need to be “provided by each sector for the technology adoption that will allow startups, pilot projects and new companies to emerge.”

See also  Polygon to Democratize NFT Interactions by Improving Approachability

Bolstering Qatar’s Competitiveness With Blockchain

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

Meanwhile, the country’s Communications Regulatory Authority has said stakeholders and members of the public interested in reviewing the blockchain blueprint must submit their feedback via email before September 15.

Tags in this story

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Jcquirin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer