The State of Qatar is doubling its efforts to create a CBDC digital currency
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Answer The State of Qatar is doubling its efforts to create a CBDC digital currency
Qatar Central Bank Governor Sheikh Bandar revealed that the Qatari financial institution intends to issue a digital model for its national currency.
To do so, he added, the appropriate technology must be found and the potential benefits and drawbacks of such an initiative studied.
CBDC Qatar is still in the “establishment stage”:
Launching a digital currency for central banks has become a priority task for many global central banks, and the Arab state of Qatar appears to be part of this club.
Governor Bandar emphasized that such a development was already on the agenda, but would be thoroughly reviewed beforehand, adding:
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Many central banks are now considering issuing a digital currency to central banks, and we are no exception.
But we are still in the establishment stage.
We are evaluating the pros and cons of issuing digital currency to central banks and to find the right and correct technology and platform to issue digital currency for our central banks.
The governor also touched on cryptocurrencies and the advantages they can offer.
He sees it as a technological innovation that has the potential to create a new era of fast, affordable and accessible financial services.
He warned against crypto assets that are not confirmed by the monetary authority and that may be less credible.
It is worth noting that the Qatar Investment Authority does not think much about digital assets.
Qatar’s trend towards digitization:
Qatar Central Bank presented its plans to digitize most of its products in March of this year.
At the time, Al-Anoud Abdullah Al-Muftah, head of the financial technology department at the Central Bank of Qatar, stated:
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We are trying to study the different aspects and sectors of FinTech.
We are also trying to determine our direction.
Every central bank should study digital currencies, keeping in mind their growing importance in the global market.
He also announced the bank’s intention to launch central bank digital currencies, but such an endeavor is out of reach.
He also said authorities need to examine how this product affects the local financial landscape.
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