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Qatar Exploring CBDC and Digital Finance Technologies

Qatar Exploring CBDC and Digital Finance Technologies

The Central Bank of Qatar (QCB) will be looking to set its foot into digital finance technologies.

Based on a report by a local news outlet, the QCB has started its efforts to evaluate the proper implementation of digital currencies and FinTech solutions in the Middle Eastern country. 

The initiative was announced at the Doha Islamic Finance Conference by Alanood Abdullah Al Muftah, who is Head of QCB’s FinTech Section. According to her, Qatar’s FinTech Hub, or "sandbox", will be piloting digital finance solutions in the payments sector in collaboration with the QBC.

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Al Muftah spoke on the recent decision to explore blockchain technologies and their implementation into the financial sector of Qatar, stating:

"The direction will be clearer in the next couple of months. We’re currently trying to study the different aspects and verticals of fintech. We’re trying to set our direction. In the next couple of months, there will be greater understanding about the future focus of QCB."

Likewise, Dukhan Bank’s Chief of Operations and Digital Officer Narayanan Srinivasan supported the statement by Al Muftah, affirming that his bank is also making its own research into digital finance, with initiatives like the launch of an e-kiosk to be released this year. However, he was skeptical about rushing into blockchain technologies, stating:

"We need to figure out the economics behind it. Unfortunately, there are not too many use cases, either in the form of success or failure, for us to quickly decide that this is something that we can do. We need to figure out how do we actually take this to the market."

Middle Eastern countries and cities have been on the rise of adopting blockchain technologies, with the Kingdom of Bahrain and Dubai being at the forefront. Bahrain has already implemented JPMorgan’s Coin System and has recently fully licensed Binance to operate within the country.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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