News

The Qatar Central Bank (QCB) will launch digital currency and digital bank licenses soon

According to Alanood Abdullah Al Muftah, the chairman of the QCB’s fintech branch, the central bank is likely to announce a strategy for its future concentration on a variety of fintech verticals soon, the QCB will also decide whether Qatar can develop a central bank digital currency (CBDC). She clarified:

“Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving towards having a digital currency. However, it’s still being studied whether we’re having a digital currency or not.”

Alanood Abdullah Al Muftah
The Qatar Central Bank (QCB) will launch digital currency and digital bank licenses soon 3

While speaking about Qatar’s regulatory sandbox, Al Muftah stated that three payment firms are actively testing solutions with the central bank. She also noted that the QCB is looking into additional companies that want to use the regulatory sandbox.

A regulatory sandbox is a virtual environment in which fintech companies can test new products, services, business models, and delivery mechanisms in a real-world context while benefiting from a streamlined authorization procedure and supervisory oversight.

Meanwhile, Dukhan Bank, a private Qatari bank, is looking into the idea of establishing a digital firm in Qatar, according to Narayanan Srinivasan, the bank’s chief operations and digital officer. However, Srinivasan cautioned that his organization would construct a digital bank only after gaining a greater understanding of its economics. Dukhan Bank is also thinking about using blockchain technology in the payments business.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News

Victor

Recent Posts

Indiana Farmer Struck a Windfall with DogWifhat, Now Goes All in on BlockDAG as BULLRUN100 Bonus Goes Live

Indiana Farmer Struck a Windfall with DogWifhat, Now Goes All in on BlockDAG as BULLRUN100…

15 mins ago

Tether Completes The First USDT Oil Transaction in Middle East

Tether completes the first USDT oil transaction in the Middle East, funding a $45 million…

20 mins ago

Celebrating the Success of Zircuit’s ZRC EigenLayer Fairdrop

George Town, Grand Cayman, 8th November 2024, Chainwire

53 mins ago

BIO Protocol, DeSci sector, invested by Binance Labs

Binance Labs makes its first foray into decentralized science (DeSci) with an investment in BIO…

2 hours ago

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…

3 hours ago

Memecoin “D.O.G.E” pump 150% thanks to Elon Musk and Trump

Elon Musk's plan to cut $2 trillion from the U.S. budget under the D.O.G.E initiative,…

3 hours ago

This website uses cookies.