06-24-2022 icon

Qatar launches preliminary phase of CBDC development

By Lucy Adegbe

The institution is seeking to scrutinize technical remedies and outlets for its virtual currency. 

The 2.9 million residents of the Qatar region as estimated by Worldometer are joining other nations as they test the federal bank virtual currency concept. 

Qatar Federal Reserve bank is presently “in the foundation stage” of launching its virtual money. 

The country had earlier examined the probability of issuing a virtual currency in March 2022. This move was explained by the fintech session general at the federal bank Abdullah Al Muftah as a flow along with worldwide trends.

During the “inflation test” session at the nation’s monetary forum on June 21st, the bank’s governor Sheikh Bandar Bin Mohammed bin Saoud Al Thani disclosed the bank’s action towards getting technical findings for its digital currency exploration.

Al Thani said, “Many central banks are now considering issuing Central Bank Digital Currency, 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.”

Central Bank Digital Currency Tracker reveals that over 100 nations or more have developed a curiosity to explore the CBDC space. 

The UAE pushed through with testing and launching its in-house virtual currency with the hopes of being among one of the global controllers in the coming years. 

In the early days of this month, Vietnam’s head of government Pham Minh Chinh stated interest in pushing its nation toward the promising innovative trend of blockchain technology.