Qatar to consider launching a central bank digital currency

As part of the digitization of the domestic banking system, the Central Bank of Qatar (QCB) is now considering introducing its own digital currency.

As Alanood Abdullah Al Muftah, director of financial technology at QCB, explains , the central bank will soon make several important decisions on the planned direction of digitization of Qatar's financial system.

In this context, Al Muftah confirms, among other things, that Qatar is considering the introduction of a central bank digital currency (CBDC):

“Every central bank has to deal with digitization, because this is becoming increasingly important on the world market. We also see that the market is moving more and more towards digital currencies. However, we still have to check whether we can introduce our own digital currency.”

Because "private" digital currencies, i.e. cryptocurrencies such as Bitcoin ( BTC ), have meanwhile gained massive popularity, central bank digital currencies (CBDC) are also getting more and more impetus, although these are actually a kind of alternative to classic cryptocurrencies. According to data from the Atlantic Council (as of June 2019), 87 nations are already working on their own digital currency, of which 14 have already completed an initial test phase.

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