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

The 2.8-million country of Qatar is going to sign up with a growing variety of nations, explore the reserve bank digital currency (CBDC) principle. The Qatar Central Bank (QCB) is presently “in the foundation stage” of providing its digital currency. 

On June 21, throughout the “Inflation Test” session at the Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani exposed that the bank is working to discover technological services for its CBDC. Right now the task is in its early phase, Al Thani defined:

“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.”

“Currently, crypto are a technology innovation. It might take us to new era of fast, cheap, and more accessible financial services. However, those crypto assets which are not underlined by monetary authority might be less credible,” he included.

First reports about the QCB checking out the possibility of CBDCs emerged in March 2022. Back then, the head of the fintech area at QCB, Alanood Abdullah Al Muftah, divulged that the bank is looking into the principle due to the international pattern.

Related: ‘CBDCs are the natural evolution,’ states HyperLedger director Barbosa

At the minute, more than 100 nations worldwide have actually revealed their interest and/or began to research study and establish CBDCs. Qatar’s primary rival in the Gulf area, the United Arab Emirates, released its CBDC track as a part of its 2023–2026 tech technique back in 2021. 

In the very same year, it revealed a joint task of cross-border CBDC payments with the reserve banks of Thailand, Hong Kong and China, along with the Bank of International Settlements.