{"id":12808,"date":"2022-03-21T13:07:50","date_gmt":"2022-03-21T13:07:50","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/21\/qatar-plans-to-issue-digital-banking-licenses-and-discover-a-cbdc-report\/"},"modified":"2022-03-21T13:07:50","modified_gmt":"2022-03-21T13:07:50","slug":"qatar-plans-to-issue-digital-banking-licenses-and-discover-a-cbdc-report","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/21\/qatar-plans-to-issue-digital-banking-licenses-and-discover-a-cbdc-report\/","title":{"rendered":"Qatar plans to issue digital banking licenses and discover a CBDC: Report"},"content":{"rendered":"
\n

Qatar’s central bank plans to digitize most of its products, including studies and potential development and launch of a CBDC. One of the other directives of the institution concerns the issuance of digital banking licenses.<\/p>\n

Qatar enters the CBDC Race<\/h2>\n

Speaking with the Peninsula at the 8th Doha Islamic Finance Conference, the QCB head of FinTech – Alanood Abdullah Al Muftah – outlined the new and digitized direction of the organization. The bank has begun examining various initiatives, which will become clearer in the coming months.<\/p>\n

\n

“We are trying to study the different aspects and verticals of Fintech. We are trying to set our direction. Every central bank should study digital banks, taking into account their growing importance in the global market.<\/p>\n<\/blockquote>\n

The executive further maintained the bank’s intentions to go down the central bank’s digital currency path, similar to many other central banks.<\/p>\n

However, Al Muftah said the QCB is still a long way from being ready to launch such a product. As of now, the bank is still in research mode to determine if and how a CBDC could affect the local monetary landscape.<\/p>\n

On the other hand, Narayanan Srinivasan, COO and Digital Officer at Dukhan Bank said during the same conference that his bank wants to set up a digital bank in Qatar. In addition, they plan to use blockchain technology for various payment services.<\/p>\n

CBDC around the world<\/h2>\n

Apart from China, which has been the world leader in terms of CBDC development with multiple reported real-life tests, a myriad of other nations have gone down that path in recent years.<\/p>\n

The Central Bank of Jamaica recently announced that it intends to hand over $ 16 worth of its CBDC to the first 100,000 citizens who set up a wallet by April 1st.<\/p>\n

Canada’s central bank authority has partnered with MIT to investigate the pros and cons of such a product, while India expects its CBDC to arrive by the end of 2022.<\/p>\n

The USA were actually at the end of the race. The country has been taking an indefinite approach for years without clearly determining whether it should launch a CBDC. Recently, the Federal Reserve has also weighed in on the positive and negative sides of a central bank’s digital currency.<\/p>\n

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<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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