Qatar Central Bank is now “in the foundation stage” to issue CBDC

The governor of Qatar Central Bank (QCB) shared some important details regarding the ongoing Central Bank Digital Currency (CBDC) and confirmed that the Bank is “in the foundation stage”.

Due to the better efficiency & reliability of blockchain technology, the majority of the tech companies are considering going with this innovative tech industry. A stablecoin-like concept, which is known as Central Bank Digital Currency (CBDCs) is currently under the high-level discussion among the majority of the central banks in this world because they are thinking that they can bring significant changes in the payment system.

At the event of the “Inflation Test” session at the Qatar Economic Forum, Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of QCB, stated that QCB is working to find technical solutions for its digital currency and the project is currently in the initial stage of development .

QCB Governor said:

“Many central banks are now considering issuing CBDC, and we are not an exception to that. But we are still in the foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper technology and platform to issue our CBDC. ”

The statement of the QCB governor is hinting that QCB is still in a situation where it is not sure about the advantages, instead, it is thinking about the negative sides, so taking steps carefully.

The QCB Governor also noted that Cryptocurrencies are unique & innovative technology and these can push us into a new era where we can have better, fast, and cheap financial systems to provide quality banking services.

According to a recent survey and findings, around 100 Central Banks are either doing discussion or developing central bank Digital Currency (CBDCs). In this race China, and Nigeria like countries are at the top with their corresponding CBDC.

Read also: A property developer launches the first tokenized real estate project in the UK

Original Article reposted fromSource link

Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @

I assure you that, I will remove the infringing content Within 48 Hours.

Leave a Reply

Your email address will not be published.


Taoiseach restates solidarity with Ukraine as he arrives in Kyiv

Ireland’s premier pledged his country’s support for the people of Ukraine as he arrived in Kyiv for a visit to the war-torn capital. Micheal Martin will use the trip to reiterate Irish solidarity with the Ukrainian authorities in the face of the Russian invasion. He will discuss how Ireland and the EU can support the […]

Read More

On this day in 2017 – Joe Root makes 184no in first innings as England captain

Joe Root marked his first outing as England Test captain with an unbeaten 184 against South Africa at Lord’s on this day in 2017. Root survived two early scares before bringing up a 150-ball century, which included 15 fours, to help England recover from 17 for two, and then 76 for four, before closing on […]

Read More

Jennifer Lopez and Ben Affleck Hold Hands On the Set of His New Nike Movie

View gallery Image Credit: Vasquez / BACKGRID Jennifer Lopez52, was once again spotted visiting her fiancé, Ben Affleck49, on the set of his untitled Nike project on June 5. The adorable duo held hands as they walked through the California set, on which Ben’s 16-year-old daughter Violet was also seen. Jennifer looked sleek and stylish […]

Read More