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According to Al-Adili, the Qatar Central Bank (QCB) has completed the construction of the infrastructure for the Central Bank Digital Currency (CBDC) project, and has begun the first phase of its pilot project. Qatar Central Bank will investigate large-scale payment settlements between local and international banks. The project, which will run until October, will focus on distributed ledger technology, artificial intelligence, liquidity, and securities trading.
The Qatar Central Bank began researching digital currency technology for central banks in March 2022 and confirmed the launch of the project in June of the same year. In May this year, Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saud Al Thani stated that they are in the foundational phase, where they are evaluating the pros and cons of issuing a central bank digital currency.
The day before announcing the CBDC project, Qatar Central Bank launched a new fintech sandbox, Express Sandbox, to provide a rapid testing and evaluation process. This project is part of the national development strategy.
