Qatar has joined the list of countries that are testing digital currencies of the Central Bank.
During a panel discussion at the Qatar Economic Forum, Qatari Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani said the agency is seeking technology to launch a CBDC. However, the project is still at an early stage at the moment.
“Many central banks are considering issuing government cryptocurrencies, and we are no exception. But we are still only at the initial stage. We are considering the pros and cons of issuing a CBDC, trying to find the right and most appropriate technology for launching such a currency, to determine the platform,” Al Thani said.
Cryptocurrencies are a financial innovation, perhaps they will define a new era of fast, cheap and more accessible financial services, the Central Bank Governor argues. However, the official believes that digital assets that do not have the support of a monetary regulator may be less reliable.
The possibility of Qatar creating its own state cryptocurrency became known in March. At the same time, the regulator announced plans to license banks to work with digital assets.
Source: Bits
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