Today, 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.
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.
The project will focus on applications of the digital currency of the Qatar Central Bank, to increase access to the capital markets of banks operating in the country, enhance local settlement, in addition to improving the efficiency of securities transactions.
This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of basic objectives, the most important of which is benefiting from artificial intelligence technologies, decentralized ledger technology and emerging technologies, and creating strong foundations to enhance liquidity by expanding participation in financial market facilities, while briefing… Aspects related to information security during project implementation.
This announcement comes, according to a statement issued by the bank, 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.
Qatar Central Bank is keen to keep pace with the digital transformations taking place in the financial and banking sector at the regional and global levels, in recognition 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. .
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.
Qatar Central Bank affirms its continued keenness to provide distinguished and valuable initiatives that will help create an environment conducive to the growth of the financial sector, while stimulating the adoption of emerging technology on a large scale, and promoting technological innovations in various fields.
In conclusion, 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 will contribute to enhancing the efficiency of the current systems and instant settlement.
