Central Bank Of Qatar Is Considering the Possibility Of Launching A CBDC

The QCB (Qatar Central Bank) is reportedly examining the chances for the launch of a digital currency along with the provision of digital licenses. As per Alanood Abdullah Al Mufah – the fintech section’s head at the QCB – a direction is expected to be set by the central bank for the future focus thereof over several fintech verticals.

It was noted by Mufah that it will be determined by the QCB whether it is in a position to construct an autonomous CBDC (central bank digital currency). She elaborated that the digital banks should be studied by each of the central banks, keeping in view the global market’s significance. As per her, the topic of digital currency is even now being examined by the bank before reaching the point to declare if they can establish a digital currency.

While discussing the regulatory sandbox of Qatar, she mentioned that three companies in the sector of payments are presently checking the solution with having the central bank as their collaborator. In addition to this, she discloses that the central bank of the country is moving towards the rest of the platforms inclining the utilization of the regulatory sandbox.

It counts to be a zone where the fintech companies can examine new services, products, delivery mechanisms, as well as Business models in an actual way while having an advantage from the rapid authorization procedures as well as supervisory watch over. Dukhan Bank, a private bank from Qatar, in the meantime, is pondering over the feasibility of manufacturing a digital bank within the country, as reported by Narayan Srinivasan – the chief operations and digital officer at the bank.

Nonetheless, Srinivasan cautioned that his organization would just develop a digital bank following a comprehensive knowledge about its economics. According to the report, an additional point of focus under Dukhan Bank is the utilization of blockchain technology across the payment sector. Even though substantial fame has been acquired by the cryptocurrencies like BTC (Bitcoin) as well as the other prominent ones, government-supported digital currencies are frequently considered to be challenging private cryptocurrencies.

CBDCs are gaining more and more popularity nowadays. As per the data shared by the Atlantic Council, up to 87 countries are at the present working on their autonomous digital currencies of which 14 have accomplished the Pilot stage. Nine of them are in advance utilizing a CBDC.

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