The Qatar government agency responsible for public investment shows no interest in digital currencies due to their speculative nature.
However, the Emirati Investment Authority (QIA) is exploring the possibilities of blockchain, QIA CEO Mansoor bin Ebrahim Al-Mahmoud said at the Qatar Economic Forum in Doha hosted by Bloomberg.
QIA has over $300 billion in assets under management and is looking to expand its investments in Africa, Europe, the automotive and blockchain industries. Al Mahmoud emphasized that, being interested in the latest technologies, QIA would not invest in crypto assets.
The agency’s statements are consistent with the position of the Governor of the Central Bank of Qatar (QCB), Sheikh Bandar bin Mohammed bin Saud Al Thani, who also spoke at the event. The official believes that blockchain technology really has great potential and is able to accelerate the digital transformation of the country. However, Al Thani considers investing in crypto assets risky due to high volatility. Earlier, the head of QCB said that his department is at the initial stage of exploring the possibilities of creating its own digital currency.
Qatar is not the only country in the Middle East showing interest in blockchain. Oman has already made significant progress in this direction. In 2019, the first blockchain transaction was carried out in the country using the R3 Corda consortium platform.
The United Arab Emirates is also developing blockchain projects. In June, the UAE signed a trade agreement with India to develop artificial intelligence (AI), blockchain and fintech.
Source: Bits
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