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Qatar Central Bank in ‘basis stage‘ of launching digital foreign money

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The 2.8-million nation of Qatar goes to hitch a rising vary of nations experimenting with the central financial institution digital foreign money (CBDC) idea. The Qatar Central Bank (QCB) is presently “in the foundation stage” of issuing its digital foreign money. 

On Tuesday through the “Inflation Test” session on the Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani revealed that the financial institution is working to seek out technological options for its CBDC. Right now the venture is in its early stage, Al Thani specified:

“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 added.

First experiences concerning the QCB exploring the potential for CBDCs surfaced in March 2022. Back then, the pinnacle of the fintech part at QCB, Alanood Abdullah Al Muftah, disclosed that the financial institution is researching the idea as a result of international pattern.

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

At the second, greater than 100 nations globally have expressed their curiosity and/or began to analysis and develop CBDCs. Qatar’s primary competitor within the Gulf area, the United Arab Emirates, launched its CBDC monitor as part of its 2023–2026 tech technique again in 2021. 

In the identical yr, it introduced a joint venture of cross-border CBDC funds with the central banks of Thailand, Hong Kong and China, in addition to the Bank of International Settlements.