Central Bank of Qatar in ‘foundation stage‘ of launching digital currency

Central Bank of Qatar in ‘foundation stage‘ of launching digital currency
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BUSINESS

Central Bank of Qatar in ‘foundation stage‘ of launching digital currency

The bank is looking into technology solutions and platforms to create its own digital money.

06/22/2022

The bank is looking into technology solutions and platforms to create its own digital money.

Qatar, a country of 2.8 million people, will join a growing number of countries experimenting with the notion of central bank digital currency (CBDC). The Qatar Central Bank (QCB) is “in the early stages” of launching its digital currency.

Central banks are now considering to issue CBDC

On June 21, at the “Inflation Test” session at the Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani revealed that the bank is seeking to discover technology solutions for the CBDC. Al Thani explained that the initiative is now in its early stages:

“Many central banks are now considering to issue CBDC, and we are not an exception to that. But we are still in foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper and the right technology and platform to issue our CBDC.”

“At the moment, cryptocurrency is a technological invention.” It might usher in a new era of speedy, inexpensive, and easily available financial services. However, crypto assets that are not supported by monetary authorities may be less reputable,” he noted.

The first news concerning the QCB looking into CBDCs came in March 2022. QCB’s chief of the fintech section, Alanood Abdullah Al Muftah, revealed at the time that the bank is exploring the notion due to a global trend.

At the moment, over 100 countries have expressed interest in CBDCs and/or begun research and development. The United Arab Emirates, Qatar’s main Gulf competitor, launched its CBDC track in 2021 as part of its 2023–2026 tech strategy.

The same year, it announced a cross-border CBDC payment project with Thailand’s, Hong Kong’s, and China’s central banks, as well as the Bank of International Settlements.

By Elah Mae Ariate Wozinga Staff

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