Qatar Central Bank working to issue digital currency: Governor – The Peninsula

Qatar Central Bank working to issue digital currency: Governor – The Peninsula

Doha: The Qatar Central Bank (QCB) is currently in the foundation stage of issuing a central bank digital currency (CBDC), as more countries across the world are considering to launch their CBDC amid massive digital transformation in the financial sector.

Speaking at the session on ‘The Inflation Test’ at the Qatar Economic Forum, Powered by Bloomberg, yesterday, said the central bank is working to find the right technology and platform to issue Qatar’s CBDC, a virtual money created by a central bank which is also considered digital form of a country’s flat 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.

Speaking about crypto technology, the Governor added: “Currently, crypto are a technology innovation. It might take us to new era of fast, cheap, and more accessible financial services. However, those crypto assets which are not underlined by monetary authority might be less credible”.

During the interview session, the QCB Governor said that there will be no changes