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Qatar: Central Bank Digital Currency (CBDC) Enters “Foundation Phase”

 


The country of Qatar, which has a population of 2.8 million and is known to host the soccer World Cup this year, is the next nation to test its own central bank digital currency (CBDC). The Qatar Central Bank (QCB) is now in the “seed-up phase” of the project.


At the Qatar Economic Forum, the head of the central bank, Sheikh Bandar bin Mohammed bin Saoud Al Thani, announced yesterday that the QCB is still in the early stages of finding a technical solution for the planned CBDC. To that end, Al Thani stated:


“Many other central banks are also seriously considering issuing a CBDC, and we are no exception. However, we are still in the start-up phase. We first examine the advantages and disadvantages of a CBDC so that we can find the right technology and platform to be able to issue a CBDC.”

“Cryptocurrencies are the innovation of the hour right now that could lead us into an age of faster, cheaper and more accessible financial services. However, cryptocurrencies are not backed by central banks, so they are far less reliable,” the central bank governor said.


In March 2022, the first rumors surfaced that the QCB was working on its own CBDC. Alanood Abdullah Al Muftah, the director of financial technology at the central bank, revealed a little later that the QCB was already researching a digital currency so as not to be left behind by the global trend.


More than 100 countries are currently working on their own central bank digital currencies, although the stages of development are very different. In the Arab region, the United Arab Emirates, among others, have launched a corresponding project as part of a larger blockchain strategy.

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