His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, is scheduled to make an official visit to the Republic of El Salvador. The visit is in response to an invitation from Nayib Bukele, the President of El Salvador, and it is expected that cryptocurrencies, particularly Bitcoin, will be a critical topic of discussion.

NEW: The Emir of 🇶🇦 Qatar will visit 🇸🇻 El Salvador this week where “a number of agreements and memorandums of understanding in various fields of cooperation will be signed” with @nayibbukele 👀 pic.twitter.com/7VmtqiXiJT

— Bitcoin News (@BitcoinNewsCom) September 12, 2023

Cryptocurrency Status in Qatar:

Cryptocurrencies are currently illegal at an institutional level in Qatar. In February 2018, the Supervision and Control of Financial Institution Division at Qatar’s Central Bank issued a circular to all banks operating in Qatar, warning against trading in Bitcoin. The circular described Bitcoin as illegal and unsupported by any central bank or government, stating that trading in cryptocurrencies involves high risks of price volatility and the risk of being used in financial crimes. Consequently, the notice prohibited all banks operating in Qatar from dealing with cryptocurrencies, subject to penalties for violators.

A Positive Turn for Bitcoin?

El Salvador’s President, Nayib Bukele, is speculated to discuss the potential benefits of Bitcoin and why its banning might be doing more harm than good. Bukele has been a vocal advocate for Bitcoin and has even led El Salvador to become the first country to adopt Bitcoin as legal tender. During the visit, it is expected that the Amir of Qatar and President Bukele will discuss ways of enhancing bilateral relations and cooperation in various fields, including cryptocurrencies. They will also exchange views on regional and international issues of common interest.

Bitcoin Mining Interests:

Both Qatar and El Salvador have expressed interest in Bitcoin mining, which could potentially be an area of discussion during the meetings. El Salvador is already harnessing geothermal energy from its volcanoes for Bitcoin mining, while Qatar, being one of the world’s largest producers of natural gas, could explore innovative ways to use its abundant energy resources for Bitcoin mining.

Positive Speculation:

Given their shared interests, it is plausible that the two leaders might explore potential collaborations in Bitcoin mining and discuss the development of regulations that encourage the responsible use of cryptocurrencies. Additionally, President Bukele may present a case for the positive impact of Bitcoin on El Salvador’s economy and how it could potentially benefit Qatar as well.