Qatar To Provide License To Digital Banks As It Works On Launching A CBDC

Countries in far East Asia are catching the crypto fever as another nation in the Arabian Peninsula is considering issuing an electronic currency. 

According to the Head of Financial Technology at QCB, Alanood Abdullah Al Muftah, Qatar plans to be part of the electronic currency battle after the United Arab Emirates revealed plans to issue a digital currency soon. Also, Qatar would be issuing licenses to digital banks that will be allowed to operate in the country as part of its regulatory practices. 

The country’s central bank intends to digitize most of its assets, including research, assessing, and introducing a CBDC. Another of the institution’s other instructions is the provision of licenses to the digital banks in the country.

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Qatar Joins The Race For An Electronic Currency 

Alanood Al Muftah, the Head of Financial Technology at QCB (Qatar Central Bank), talked to The Republic at their eighth Doha Islamic Financial Summit on the new and digitized approach by the organization. The apex bank has started to investigate several projects. Al Muftah stated;

“We’re attempting to research financial technology’s many facets and divisions.” We want to chart our course as a nation. Given the rising importance of digital banks in the world economy, all central banks must do research on them.”

However, Al Muftah noted that the country is not even close to offering this kind of service to its citizens. Currently, the apex bank is conducting a study to evaluate if a CBDC would impact the country’s local financial landscape.

During the summit, Narayanan Srinivasan, an official at the Dukhan Bank, noted his company wants to utilize blockchain in its services and become a digital banking institution in Qatar. 

CBDC All Over the World

Apart from China, that is among the leaders researching CBDC with several documented experiments. China was able to use the just concluded 2022 Olympics to increase usage and adoption of its electronic yuan.

The central bank of Jamaica has noted that it plans to deploy a $16 value of its digital currency to the 100,000 citizens who first open a wallet beginning from the 1st of April. This move is to get several individuals to sign up for a digital and increase the electronic currency used among its people.

Furthermore, the central bank in Canada collaborated with the MIT institution to research the usefulness and dangers of digital currency. At the same time, India believes its electronic money will be available before the year runs out.

The U.S has been moving slowly concerning crypto regulation and digital currency issuance, and the country has been taking steps to ensure that it’s not left behind. Recently, the Federal Reserve chipped in on what possible benefits and dangers a digital currency would have on the country.

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