Qatar Launches Central Bank Digital Currency (CBDC) Project
- Qatar Central Bank (QCB) has initiated the first phase of its CBDC project, establishing the necessary infrastructure.
- The project aims to explore large-scale payments between local and foreign institutions, leveraging distributed ledger technology and artificial intelligence.
- Priorities include enhancing liquidity, securities transactions, and remittance payments.
- The project is scheduled to run until October, with the QCB governor stating they are in the "foundational stage" of evaluating the pros and cons of issuing a CBDC.
- This move aligns with neighboring countries' efforts, such as the UAE's involvement in the mBridge initiative and Project Aber with Saudi Arabia.
- The QCB has also launched a fintech sandbox, Express Sandbox, to facilitate rapid testing and evaluation for qualified participants.
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