Governance in the Era of Blockchain Technology in Qatar: A Roadmap and a Manual for Trade Finance

Journal of Banking Regulation 2021

20 Pages Posted: 21 Oct 2021

See all articles by Imad Antoine Ibrahim

Imad Antoine Ibrahim

University of Twente - Department of Governance and Technology for Sustainability; gLAWcal - Global Law Initiatives for Sustainable Development (United Kingdom)

Jon M. Truby

Newcastle University Law School

Date Written: September 3, 2021

Abstract

Nations worldwide have sought to capitalize on the benefits of distributed ledger technology (DLT) including Blockchain, but struggled to strike a balance between encouraging investment and innovation in the technology while addressing the challenges and uncertainties through regulation. Through its FinTech (Financial Technology) Strategy, Qatar has sought to embrace DLT, but its regulatory approach also remains cautious. Trade Finance is an ideal business process to be disrupted through the benefits of DLT and especially Blockchain technology, since its processes remain antiquated, inefficient and lack digitization. Blockchain as a form of DLT particularly offers the Trade Finance process not only more rapid, secure, cost-effective and efficient procedures, but importantly completely assures trust between importers and exporters and removes the requirement to place such trust in third-party intermediaries. Qatar can reap considerable economic benefits through the enhancement of its Trade Finance regulations enabling the adoption of such Blockchain technology. As such, the authors propose a roadmap and manual for the governance of the Trade Finance Blockchain ecosystem in Qatar. The authors propose multi-layered governance approach to the regulation of Blockchain in Qatar by (1) embracing international regulations and standards; (2) replicating foreign regional and national rules that are appropriate and innovative; and (3) applying sandbox regulations to Blockchain products and services.

Suggested Citation

Ibrahim, Imad Antoine and Truby, Jon M., Governance in the Era of Blockchain Technology in Qatar: A Roadmap and a Manual for Trade Finance (September 3, 2021). Journal of Banking Regulation 2021, Available at SSRN: https://ssrn.com/abstract=3920555

Imad Antoine Ibrahim

University of Twente - Department of Governance and Technology for Sustainability ( email )

PO Box 217
7500 A.E. Enschede
Netherlands

HOME PAGE: http://https://people.utwente.nl/i.ibrahim

gLAWcal - Global Law Initiatives for Sustainable Development (United Kingdom) ( email )

52 East Quay, Wapping Quay
Liverpool, L3 4BU
United Kingdom

Jon M. Truby (Contact Author)

Newcastle University Law School ( email )

Newcastle upon Tyne, NE1 7RU
United Kingdom

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