Qatar has launched the central bank digital currency (CBDC) project.
Qatar Central Bank (QCB) launched the first phase of the experimental initiative by completing the infrastructure of a central bank digital currency (CBDC) project. The QCB will examine large-scale payments between various local and foreign institutions.
Few details about the project have been made public. Priorities include distributed ledger technology, artificial intelligence, increasing liquidity and improving securities transactions, according to the state news agency. It was stated that the project will last until October.
QCB said it would launch a project in June this year after starting research on#CBDCtechnology in March 2022. "We are in the foundational stage and are evaluating the pros and cons of issuing a central bank digital currency," said QCB Governor Sheikh Bandar bin Mohammed bin Saud. al-Thani said at the Qatar Economic Forum in May, according to media reports. saying.
The neighboring United Arab Emirates (UAE), along with China, Hong Kong and Thailand, were founding members of the mBridge initiative. Remittance payments to India and wholesale transfers between mBridge project members have already been sent via mBridge.
The#UAEhas also collaborated with Saudi Arabia on a CBDC proof-of-concept project called Project Aber, which will run until 2020. A day before the CBDC project was announced, QCB opened a new fintech sandbox. For qualified participants, Express Sandbox offers âreduced testing time, fast testing cycles, and a simplified overall evaluation process.â
Although CBDC is not specifically addressed in any of the official national development strategies, the#CBDCinitiative was introduced as part of the new#sandbox.$BTC
