Qatar’s central bank intends to digitize most of its products. This includes developing, launching and possibly studying a CBDC. Another directive from the institution is to issue digital bank licenses.
Qatar enters the CBDC Race
Alanood Abdullah Al Muftah, Head of FinTech at QCB, spoke to The Peninsula during the 8th Doha Islamic Finance Conference. He described the new digitalized direction for the bank. The bank is exploring various initiatives, which will be clearer over the coming months.
“We are trying to understand the various verticals and aspects of fintech. We are trying to determine our direction. Every central bank should examine digital banks to understand their increasing importance in the global marketplace.”
Further, the executive stated that the bank was determined to continue down the central bank’s digital currency road similar to many central banks.
Al Muftah stated that the QCB is still a ways away from being ready for such a product. The bank is currently in research mode to determine if and how a CBDC might impact the local monetary environment.
Narayanan Srinivasan (COO and Digital Officer of Dukhan Bank), stated that his bank plans to open a digital bank in Qatar. They also plan to use blockchain technology for certain payments services.
CBDC Across the World
Other than China, the world leader in CBDC development, with numerous real-life results, many other countries have followed this path over the years.
Jamaica’s central bank recently stated that $16 worth of CBDC will be airdropped to the first 100,000 citizens who set up wallets by April 1.
Canada’s central bank authority teamed up to MIT to study the pros and cons. India is expecting its CBDC to arrive before the end of 2022.
In fact, the United States is at the end. For years, the country has been indecisive and has not decided whether to launch a CBDC. The Federal Reserve recently weighed in on both the positive and the negative aspects of a digital currency central bank.
Marla Brooks – Financial Analysis
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