Qatar Central Bank Launches CBDC Project
2024-06-03 21:09:59
The Central Bank of Qatar (QCB) has launched the first phase of the Central Bank Digital Currency (CBDC) project, focusing on the settlement of large payments between large banks. The project, which will run until October, focuses on distributed ledger technology, artificial intelligence, liquidity and securities trading. QCB started studying CBDC technology in March 2022 and confirmed the launch of the project in June of the same year. QCB Governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said the central bank is assessing the pros and cons of issuing a CBDC. The announcement of the CBDC project comes a day after QCB launched a new fintech sandbox to provide a rapid testing and evaluation process. The project is part of the country's development strategy.
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