Qatar Central Bank is in the foundation stage of exploring CBDC options. – Latest News

The Governor of the Central Bank of Qatar, Sheikh bandarrevealed that the financial institution intends to issue a digital form of its national currency. To do this, he added, he had to find the right technology and consider the pros and cons of such a decision.

Qatar is doubling down on its central bank digital currency plans.

Qatar joins many global central banks exploring the launch of a CBDC. In a recent appearance, Governor bandar affirmed that such a development is indeed on the agenda, but that it will be previously examined in depth :

” Of many central banks are now considering issuing CBDCand we are no exception to this. But we are still at the foundation stage. We assess the pros and cons of issuing CBDC and to find the appropriate and appropriate technology and platform to issue our CBDC. »

The governor also talked about cryptocurrencies and the merits they could bring. According to him, it is a “technological innovation” which has the potential to creating a new era of “fast, cheap and more accessible financial services”.

“However, crypto assets that are not underlined by the monetary authority might be less credible,” he warned.

However, that Qatar investment Authority does not place great importance on digital assets.

However, the CEO Mansoor Al Mahmoud said the organization was intrigued by their underlying mechanism, blockchain technology: “Our technology team is exploring blockchain opportunities. It is the space that interests us, not the currency itself.

Read: Goldman Sachs is looking to buy Celsius’s crypto assets for $2 billion.

Qatar is moving towards digitalization.

Qatar’s central bank announced plans to digitize most of its products in March this year. At the time, Alanood Abdullah Al Muftah, responsible for the FinTech of the institution, said:

“We try to study the different aspects and verticals of fintech. We try to define our direction. Every central bank should study digital banks, given their growing importance in the global market. »

He further stated the bank’s intention to launch a CBDC. Authorities need to consider how the product could impact the local financial landscape and then take action, Al said. Muftah.

the COO and Digital officer at the house of Dukhan bank, Narayanan Srinivasan, also gave his opinion on the matter. He says his organization is willing to establish a digital bank in Qatar. The use of blockchain technology for certain payment services is another goal to be achieved, he concluded.

See also: Albania to tax cryptocurrency-related income from 2023.

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Qatar Central Bank is in the foundation stage of exploring CBDC options. – Latest News


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