general

Qatar plans to issue licenses for digital banks and explores the central bank digital currency CBDC

Qatar plans to issue licenses for digital banks and explores the central bank digital currency CBDC

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Qatar plans to issue licenses for digital banks and explores the central bank digital currency CBDC

The Central Bank of Qatar plans to digitize most of its banking products, including the study and possibility of developing and launching CBDC digital currencies.

Another directive issued by the institution involves the issuance of digital bank licenses.

Qatar enters the CBDC race:

in talking To The Peninsula at the 8th Doha Islamic Finance Conference, Mr. Al-Anoud Abdullah Al-Muftah, Head of Financial Technology at Qatar Central Bank, explained the new and digital direction of the institution, and stated:

The Bank is beginning to explore several initiatives that will become more visible in the next few months.

Read:CasperLabs raises $14.5 million in first investment round

We are trying to study the different aspects and sectors of FinTech.

We are also trying to determine our direction.

Each central bank should study avenues for licensing digital banks, bearing in mind their growing importance in the global market.

The executive also confirmed the bank’s intentions to go the central bank digital currency route, like many other central banks.

Key added:

The Qatar Central Bank is still far from ready to launch such a product.

But as of now, the bank has entered research mode to determine if and how central bank digital currency can impact the domestic monetary landscape.

On the other hand, Narayanan Srinivasan, Operations Manager and Digital Officer at Dukhan Bank told during the same conference that his bank wants to establish a digital bank in Qatar.

Additionally, they plan to use blockchain technology in some payment services.

CBDC currencies around the world:

Aside from China, which has been among the world leaders in terms of CBDC development with many applied tests, countless other countries have gone down this path in the past few years.

Read:The recent bitcoin price drop forced many miners to stop and sell their hardware

The Central Bank of Jamaica recently noted that it wants a free distribution of $16 worth of central bank digital currency to the first 100,000 citizens who have created a digital wallet by April 1.

Read:Active Ethereum addresses reach their highest level on launch…details here

Recently, Canada’s central banking authority teamed up with the Massachusetts Institute of Technology to research the pros and cons of such a product, while India expects its digital banking to arrive by the end of 2022.

The US is already at the end of the race, as the country has had an indecisive approach for years without clearly deciding whether to launch a CBDC.

Recently, the Federal Reserve has also weighed in on the positive and negative aspects of a central bank digital currency.

Read also:

India Starts 30% Tax on Crypto Earnings Starting April 1st…Details Here

Fiat currencies are more common than Bitcoin in money laundering, according to the US Treasury


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
“Time” magazine announces the start of accepting the digital currency “ApeCoin”
Next post
India Starts 30% Tax on Crypto Earnings Starting April 1st…Details Here