Qatar’s recently unveiled National Blockchain Blueprint suggests the technology, combined with a “strong regulatory framework,” will help the country build an innovative information technology (IT) sector. . However, for this to happen, Qatar must implement the recommendations laid out in the blueprint.
Qatar is said to be fit to become a blockchain hub
A blueprint jointly drafted by Qatar’s Communications Regulatory Authority (CRA) and two learning institutions, Hamad bin Khalifa University and Qatar University, describes how blockchain will contribute to building an “innovative and growing IT sector” in the country. I’m trying to put the spotlight on “Can you do it?” Citing Qatar’s small population and size, the document argues that the country is well-positioned to become one of the leading nations to foster blockchain innovation.
But before it can claim its place as one of the world’s largest blockchain hubs, Qatar needs to set the conditions for the technology to thrive. The first is to develop a “strong regulatory framework”. Such a regulatory framework is said to not only help attract investors, but is necessary for both consumers and innovators.
“Regulation is important not only to protect users and ensure security, but also to provide the right legal framework to enable blockchain innovation and adoption. It can be achieved by identifying the different domains of chain-based services, the relevant regulatory requirements and the appropriate regulatory approach to address each domain,” said Qatar’s National Blockchain Blueprint.
The blueprint also details the conditions and incentives that must be “provided by each sector for the adoption of technologies that enable startups, pilot projects and new companies to emerge.”
Boosting Qatar’s Competitiveness with Blockchain
In conclusion, the document states that if all the recommendations in it are implemented, they can contribute to “human capital development through job creation and skills development”. Implementation of the blueprint’s recommendations could stimulate growth and make Qatar more competitive.
Meanwhile, the country’s telecommunications regulator has said that stakeholders and the general public interested in reviewing blockchain blueprints have until Sept. 15 to send their feedback via email.
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