Qatar Central Bank is now “in the foundation stage” to issue CBDC

The governor of Qatar Central Bank (QCB) shared some important details regarding the ongoing Central Bank Digital Currency (CBDC) and confirmed that the Bank is “in the foundation stage”.

Due to the better efficiency & reliability of blockchain technology, the majority of the tech companies are considering going with this innovative tech industry. A stablecoin-like concept, which is known as Central Bank Digital Currency (CBDCs) is currently under the high-level discussion among the majority of the central banks in this world because they are thinking that they can bring significant changes in the payment system.

At the event of the “Inflation Test” session at the Qatar Economic Forum, Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of QCB, stated that QCB is working to find technical solutions for its digital currency and the project is currently in the initial stage of development.

QCB Governor said:

“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 technology and platform to issue our CBDC.”

The statement of the QCB governor is hinting that QCB is still in a situation where it is not sure about the advantages, instead, it is thinking about the negative sides, so taking steps carefully. 

The QCB Governor also noted that Cryptocurrencies are unique & innovative technology and these can push us into a new era where we can have better, fast, and cheap financial systems to provide quality banking services. 

According to a recent survey and findings, around 100 Central Banks are either doing discussion or developing central bank Digital Currency (CBDCs). In this race China, and Nigeria like countries are at the top with their corresponding CBDC. 

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