Qatar’s recently released «National Blockchain Plan» has 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 laid out in the plan.
Qatar Says It Is Well Positioned To Become A Blockchain Hub
A project co-authored by the Qatar Communications Regulatory Authority (CRA) and two learning institutions, Hamad Bin Khalifa University and Qatar University, 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 well placed to become one of the leading countries in fostering blockchain innovations.
However, before reaching its status as one of the largest blockchain hubs in the world, 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 summary, is by developing a «robust regulatory framework.» In addition to helping attract investors, it is said that such a regulatory framework is needed by consumers and innovators alike.
“Regulation is not only important to protect users and ensure security, but also to provide the right legal framework to enable blockchain innovation and adoption. This can be achieved by identifying the different domains of blockchain-based services, their associated regulatory requirements, and the appropriate regulatory approach to serving each domain,” stated the National Blockchain Blueprint for Qatar.
The plan also details the conditions plus incentives that must be «provided by each sector for the adoption of technology that will enable the emergence of new companies, pilot projects and start-ups.»
Bolstering Qatar’s Competitiveness with Blockchain
In its conclusion, the document says that if all the recommendations are implemented, this can contribute to the «development of human capital through job creation and skills development.» Implementation of the plan’s recommendations can potentially stimulate growth and increase Qatar’s competitiveness.
Meanwhile, the country’s Communications Regulatory Authority has said that interested parties and the public interested in reviewing the blockchain plan must submit their comments via email by September 15.
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