Qatar Central Bank is in foundation stage of starting digital currency

22-Jun-2022 By: Rohit Tripathi

Qatar Central Bank is now in the ‘foundation stage‘

of launching digital currency

Qatar, a country of 2.8 million people, will join a growing number of nations that are experimenting with the idea of central bank digital currency (CBDC). The issuance of the digital currency by the Qatar Central Bank (QCB) is now "in the foundation stage."

The governor of the Qatar Central Bank (QCB), Sheikh Bandar bin Mohammed bin Saoud Al Thani, disclosed that the bank is looking for technology solutions for the CBDC on June 21 during the "Inflation Test" session at the Qatar Economic Forum. According to Al Thani, the project is now in its early stages.

In March 2022, the first news regarding the QCB considering CBDCs appeared. Back then, Alanood Abdullah Al Muftah, the head of QCB's fintech division, revealed that the bank is investigating the idea due to the current worldwide trend.

More than 100 nations have now indicated interest in, begun to explore, and/or create CBDCs. The United Arab Emirates, Qatar's primary Gulf rival, introduced the CBDC track in 2021 as a component of its technology plan for the years 2023–2026.

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