Qatar Central Bank Launches Experimental Project for Central Bank Digital Currency (CBDC)

• The Qatar Central Bank completed CBDC infrastructure and launched experimental project.
• Focus on distributed ledger technology, AI, liquidity enhancement, and securities transactions.
• Project runs through October; started studying CBDC in March 2022.
• UAE involved in mBridge project and CBDC proof-of-concept with Saudi Arabia.
• QCB launched fintech sandbox Express Sandbox for rapid testing cycles.
• Qatar Financial Centre banned virtual asset services in 2020; rumors of Qatar Investment Authority investing in Bitcoin.

Summary :
The Qatar Central Bank (QCB) has completed the infrastructure for a central bank digital currency (CBDC) project and launched the first phase of an experimental project. The project will focus on distributed ledger technology, artificial intelligence, enhancing liquidity, and transactions with securities. The QCB began studying CBDC technology in March 2022 and confirmed the launch of the project in June of that year. The neighboring United Arab Emirates (UAE) has already been involved in CBDC projects and participated in a proof-of-concept with Saudi Arabia. The QCB also recently launched a fintech sandbox called the Express Sandbox. The Qatar Financial Centre Regulatory Authority banned virtual asset services in 2020 but faced criticism for not enforcing the ban effectively. Rumors about the Qatar Investment Authority investing in Bitcoin have circulated, but the likelihood of this is uncertain.

Sources :

- CoinTelegraph