Qatar’s central bank is reportedly in a fundamental phase to develop and launch its own digital currency. The central bank calls it the ‘base phase’.
Digital Currency still in its early stages
The governor of Qatar’s Central Bank, Sheikh Bandar bin Mohammed bin Saoud Al Thani, has announced that the bank is investigating the technological solutions for its own digital currency. The project is therefore still in its early stages. Al Thani said the following:
Many central banks are now considering issuing CBDC, and we are no exception. But we are still in the basic phase. We evaluate the pros and cons of issuing CBDC and to find the right and the right technology and platform to dispense our CBDC.
Crypto Technological Innovation
Furthermore, Al Thani said that crypto is currently a technological innovation. He added the following:
“It could take us to a new era of fast, cheap and more accessible financial services. Those crypto assets that are not underlined by the monetary authority may be less credible.”
Last March, the bank already announced that they were investigating the entire crypto and blockchain concept. These investigations now appear to have been completed, after which the bank is taking new steps towards its own digital currency.
It is certainly not the only central bank that is investigating this, or is already working on it in some other way. It is reported that around 100 banks worldwide have already expressed an interest in researching or developing their own digital currencies. Such currencies seem to have a future.
