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Top Blockchain News: Qatar's National Blockchain Blueprint Highlights

Top Blockchain News:

As per Qatar's recently announced "National Blockchain Blueprint," 

the technology, combined with a "solid regulatory framework," can assist the country in developing an innovative information technology (IT) industry. 

However, in order for this to happen, Qatar must follow the blueprint's suggestions.

A blueprint developed in collaboration with Qatar's Communications Regulatory Authority (CRA) and two learning institutions, Hamad Bin Khalifa University and Qatar University, aims to highlight how blockchain may contribute to the country's innovative and developing IT sector. The document argues that because of Qatar's small population and size, the country is ideally positioned to become one of the leading countries in supporting blockchain innovations.

However, before becoming one of the world's largest blockchain centers, Qatar must first develop an enabling atmosphere for the technology to thrive. According to the summary of the 23-page document, one method to accomplish this is to create a strong regulatory framework. In addition to attracting investment, such a regulatory framework is said to be needed by both consumers and innovators.

“Regulation is necessary not just to protect users and maintain security, but also to create a suitable legal foundation for blockchain innovation and acceptance.” The National Blockchain Blueprint for Qatar claimed that “this may be accomplished by defining the various domains of blockchain-based services, their related regulatory needs, and the appropriate regulatory framework to serve each domain.”

The blueprint also specifies the conditions and incentives that each sector must offer for technology adoption, allowing startups, pilot projects, and new businesses to develop.

In its conclusion, the document states that if all recommendations are adopted, this can help human capital development through job creation and skill development. Implementing the blueprint's proposals might encourage growth and boost Qatar's competitiveness.

Read also: CEO of UT Bank desires to restrict the issuance of USD-backed stablecoins to banks.



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