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HomeLaw & PoliticsQatar plans to launch its own CBDC- "Qatari Riyal"

Qatar plans to launch its own CBDC- “Qatari Riyal”

On June 22, Qatar Central Bank (QCB) made an official announcement on their plan to launch their own Central Bank Digital Currency (CBDC). The decision was made after consultation with representatives from Qatar Finance, Economy and Trade, the Central Bank of Qatar, the Ministry of Finance and Development Planning. 

CBDCs are a programme that permits the world’s largest central banks, including the American, Russian, and Arab banks, to participate in the technology but under their own standards. They are currencies that have a 1:1 parity with the national currency, in this instance, the Qatari Riyal. 

The initiative is in its early stages, according to the central bank’s Governor, Sheikh Bandar bin Mohammed bin Saoud Al Thani QCB, and is seeking for the right technology and platform.

The Governor spoke at the Qatar Economic Forum in a session titled “The Inflation Test.” He said that various central banks, including Qatar Bank, are now contemplating issuing CBDC. They are now reviewing the benefits and drawbacks of issuing CBDC.

Qatar would be among the last nations to propose establishing a CBDC, despite the fact that it has significant rivals looking to capitalise on blockchain technology. 

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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