Many central banks around the world are looking into developing their national digital currency (CBDC), and Qatar definitely wants to be at the forefront of this innovation. The Qatar Economic Forum was held this Tuesday and Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani disclosed that the process is in the “foundation stage,” as technical possibilities are being explored.
"We are in the foundation stage and evaluating the pros and cons of issuing the CBDC," QCB Governor HE Sheikh Bandar bin Mohamed bin Saoud al-Thani, told the second Qatar Economic Forum, powered by Bloomberg. https://t.co/rXaoDpWXjw
— Gulf-Times (@GulfTimes_QATAR) June 21, 2022
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The governor also admitted that talks about Qatar’s CBDC started back in March, when the global trend hit. “Many central banks are now considering issuing CBDC, and we are not an exception to that. But we are still in the 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.”Â
Countries like China and Nigeria have already implemented their CBDCs into everyday life. Mass adoption of the CBDC in China has seen the most success. People are relying on the digital yuan to pay for public transport and phone bills.
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Sheikh Saoud Al Thani also pointed out that “crypto is a technology innovation. It might take us to a new era of fast, cheap, and more accessible financial services.” However, the governor says the country must look for a credible option to lower the risks that come with innovation.Â
This might mean that Qatar will focus on the integration of CBDC as their main aim, rather than putting emphasis on decentralized cryptocurrencies. In addition, the neighboring United Arab Emirates has already released their CBDC as a part of an innovation in technology campaign.
