Emir of Qatar Sheikh Tamim bin Hamad Al Thani - AFP
CAIRO – 29 January 2018: Qatari Leaks released a video on Sunday claiming that the Qatari ruling intends to recognize virtual currencies such as Bitcoin in a move that would prompt major world economies that reject virtual currencies to cut their economic ties with Qatar.
Qatari Leaks, a platform specialized in exposing Doha's strategies to support terrorism, said that virtual currencies are untrackable so it can be used to finance terrorism without any financial control. Therefore, the world has been fighting virtual currencies, because it has a very negative impact on the international economy.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.
Qatari banks have been suffering from accumulated foreign debts amounting to QR 177.3b since the start of the Gulf crisis in June 2017.
Qatar’s relations with several Arab states have been strained since May 24 over a leaked statement attributed to Qatari Emir Sheikh Tamim bin Hamad, criticizing the Gulf’s foreign policy with Iran, describing it as “unwise”.
On June 5, Qatar was hit by its biggest diplomatic crisis in years after multiple Arab nations, including Egypt, Saudi Arabia, the U.A.E. and Bahrain cut diplomatic ties with Doha and imposed economic sanctions, accusing it of funding terrorism, a claim Qatar rejects. The Arab Quartet halted all land, air and sea traffic to and from Qatar and withdrew their diplomats and ambassadors from the country.
The Arab quartet issued 13 demands to Doha – then shortened them to six principles - which included closing Al-Jazeera television, curbing relations with Iran and shutting a Turkish military base.