Today, Sunday, the Qatar Central Bank announced the launch of the digital currency project, after completing the development of the project’s infrastructure, which will serve as a proactive step to keep pace with the rapid global developments in this field, according to what was stated in a statement today.
The Qatar Central Bank confirmed that, after the successful completion of the comprehensive study conducted in this field, it will now experiment and develop selected applications for the Central Bank’s digital currency, to settle high-value payments with a group of local and international banks in an experimental environment designed according to the latest advanced technologies.
Digital currency applications
The project will focus on applications of the Qatar Central Bank’s digital currency to:
- Increase access to capital markets for banks operating in the country.
- Promote local settlement.
- Improving the efficiency of securities transactions.
Qatar Central Bank launches a digital currency project #Qatar_Central_Bank pic.twitter.com/ti4cLZFBZo
– Qatar Central Bank (@QCBQATAR) June 2, 2024
This project, which will enter its first experimental phase extending until October 2024, aims to achieve a set of basic objectives, including:
- Leveraging artificial intelligence, decentralized ledger, and emerging technologies.
- Establishing strong foundations to enhance liquidity by expanding participation in financial market facilities, while taking into account aspects related to information security during project implementation.
This announcement – according to a statement issued by the Central Bank – comes in line with the third strategy for the financial sector, the financial technology strategy, and the Qatar National Vision 2030, and as part of its constant endeavor to regulate and develop the financial sector in the country.
Keeping up with the shifts
Qatar Central Bank affirmed its keenness to keep pace with the digital transformations taking place in the financial and banking sector at the regional and global levels, out of its awareness of the importance of investing in modern technologies, which aims to build a pioneering system that adopts emerging technologies to accelerate the pace of digital transformation, in line with the Third National Development Strategy 2024. 2030.
The Qatar News Agency stated that this project reflects the Qatar Central Bank’s full commitment to contributing to achieving digital transformation within the financial sector, especially since starting the digital currency project constitutes an important milestone and a strategic step towards building a digital economy in the country.
It is worth noting that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which contributes to enhancing the efficiency of current systems and instant settlement, according to the Qatar News Agency.
Source : social media sites + Qatar News Agency (QNA)
