Qatar Central Bank announces launch of Digital Currency Project

Doha, Qatar: Qatar Central Bank (QCB) announced on Sunday the completion of the development of the infrastructure for the Central Bank Digital Currenc...

Doha, Qatar: Qatar Central Bank (QCB) announced on Sunday the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC). This initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

Qatar Central Bank launches the digital currency project #Qatar_Central_Bank pic.twitter.com/DPjSbCiGgw

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.