Qatar Completes Infrastructure for CBDC, Here’s What You Need to Know

cryptonews.com:

Qatar Central Bank (QCB) has successfully completed the development of its central bank digital currency (CBDC) infrastructure.

Per a Sunday announcement, the national bank is pushing the CBDC for testing large payment settlements using latest advanced technologies. It is planning to collaborate with local and international banks for the testing and development.

“QCB is evaluating the digital currency applications, which rely on the strength of current technical systems, with the aim of enhancing the efficiency of the financial sector,” the bank wrote on X (Twitter).

Qatar Central Bank launches the digital currency project #Qatar_Central_Bank pic.twitter.com/DPjSbCiGgw

— مصرف قطر المركزي (@QCBQATAR) June 2, 2024

Furthermore, the bank said that the CBDC would leverage nascent techs such as artificial intelligence (AI), distributed ledger technology (DLT).

The move aligns with Qatar’s Third Financial Sector Strategic Plan, issued by the central bank in 2023 and Fintech Strategy. Qatar National Vision 2030 includes Fintech Strategy, which aims to promote digital banking, insurtech and other advancements.

Cryptonews spoke to Sheetal R Bhardwaj, a Dubai-based Risk & Compliance professional and a certified crypto investigator (CCI), who shares views on Qatar’s strategic move in developing a CBDC infrastructure.

Cryptonews: The Qatar Central Bank (QCB) launched its National Fintech Strategy in March 2023. How does the recent CBDC infrastructure development contribute to the strategy’s goals?

Sheetal: The CBDC infrastructure development supports the QCB’s National Fintech Strategy goals in multiple ways.

First, it improves the performance and safety of the payment system, by cutting down on intermediaries, costs, and risks. Second, it