Qatar Central Bank in ‘Foundation Stage’ of Issuing its Digital Currency

The Qatar Central Bank (QCB) is “currently” in its foundational stage of issuing a central bank digital currency (CBDC), according to QCB Governor H E Sheikh Bandar bin Mohamed bin Saoud al-Thani. Evaluating the Pros and Cons of Issuing CBDC Speaking at the session on ‘The Inflation Test’ at the second Qatar Economic Forum, Powered by Bloomberg, QCB Governor H E Sheikh Bandar bin Mohammed bin Saoud Al Thani said yesterday that the central bank is currently looking to find the right technology and platform to issue the digital currency. “Many central banks are now considering to issue CBDC, and we are not an exception of that. But we are still in foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper and the right technology and platform to issue our CBDC,” the QCB Governor said. On cryptocurrencies, Sheikh Bandar said that they are a technological innovation that might take the world to a new era of fast, cheap, and more accessible payment and financial services. However, he believes that no regulation by monetary authorities makes them “less credible.” Middle East Favors the Launch of CBDC First reports about Qatar exploring the possibility of CBDCs surfaced back in March 2022. Qatar’s main competitor in the Gulf region, the United Arab Emirates (UAE), is also preparing to launch its digital currency as part of its 2023-26 strategy. In May 2021, the Central Bank of Bahrain started a colla...