Qatar Central Bank studying CBDC

The Qatar Central Bank (QCB) is currently studying Central Bank Digital Currency, and digital bank licensing.

Head of Financial Technology Section at Qatar Central Bank Alanood Abdullah Al Muftah told Qatar Peninsula news platform, " We’re currently trying to study the different aspects and verticals of fintech. We’re trying to set our direction. In the next couple of months, there will be greater understanding about the future focus of Qatar Central Bank. Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving towards having a digital currency. However, it’s still being studied whether we’re having a digital currency or not”.

She was speaking during the sidelines of 8th Doha Islamic Finance Conference yesterday,

According to a study by the International Monetary Fund (IMF), about 76 percent of Central Arab Banks are seriously considering issuing digital currencies, with at least two Central Arab Banks expected to issue digital currencies in the next three years.

Fintech companies also play a huge role in the fast growing fintech market. Al Muftah said Qatar’s Sandbox, which had a soft launch last year, now has three fintech companies currently operating in the payments sector, testing their solutions with QCB. More companies are currently being evaluated to enter the Sandbox, which is also set for an official launch soon, Al Muftah added.

In the past UAE and KSA central Banks have worked together on a CBDC project called Aber.