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

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

Qatar said it is well positioned to become a blockchain hub

A project drafted jointly by the Communications Regulatory Authority (CRA) of Qatar and two learning institutions, Hamad Bin Khalifa University and the University of Qatar, seeks to highlight how blockchain “can contribute to building an innovative and growing IT sector “in the country. Citing Qatar’s small population and size, the paper argues that the country is in a good position to become one of the leading countries in promoting blockchain innovations.

However, before Qatar reaches its status as one of the largest blockchain hubs globally, it has yet to create a favorable environment for the technology to thrive. One way to do this, according to the 23-page summary of the document, is to develop a “robust regulatory framework”. In addition to helping attract investors, such a regulatory framework is said to be necessary for both consumers and innovators.

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

The project also indicates the conditions and incentives that must be “provided by each sector for the adoption of the technology that will allow the emergence of startups, pilot projects and new companies”.

Strengthening Qatar’s Competitiveness with Blockchain

In its conclusion, the document states that if all the recommendations contained therein are implemented, this can contribute to “human capital development through job creation and skills development”. Implementation of the project recommendations has the potential to stimulate growth and increase Qatar’s competitiveness.

Meanwhile, the country’s Communications Regulatory Authority said stakeholders and members of the public interested in reviewing the blockchain project should send their feedback via email before September 15.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with an escape.

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