{"id":63033,"date":"2022-03-18T09:02:05","date_gmt":"2022-03-18T09:02:05","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=63033"},"modified":"2022-03-18T09:02:05","modified_gmt":"2022-03-18T09:02:05","slug":"qatar-central-bank-studying-digital-banks-and-cbdcs","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=63033","title":{"rendered":"Qatar Central Bank Studying Digital Banks and CBDCs"},"content":{"rendered":"

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Qatar Central Bank is presently examining the possibility of issuing a digital currency as well as digital bank licensing, an official has said. The official adds this study will help the central bank get an understanding of what its area of focus should be. <\/strong><\/p>\n

The Growing Significance of CBDC<\/h2>\n

An official with the Qatar Central Bank (QCB) has said the institution is presently studying digital bank licensing as well as digital currencies. The official, Alanood Abdullah Al Muftah, the head of the bank\u2019s fintech division, adds the study will enable the QCB to gain a better understanding of what its area of focus should be.<\/p>\n

In her remarks<\/a> to The Peninsula, Al Muftah said the study will look into \u201cthe different aspects and verticals of fintech.\u201d The study will also determine if it is feasible for Qatar to have a central bank digital currency (CBDC) or not.<\/p>\n

\u201cIn the next couple of months, there will be [a] greater understanding about the future focus of [the] QCB. Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving towards having a digital currency. However, it\u2019s still being studied whether we\u2019re having a digital currency or not,\u201d Al Muftah is quoted explaining.<\/p>\n

Concerning Qatar\u2019s regulatory sandbox, QCB\u2019s head of fintech revealed that three startups, which operate in the payments sector, are already testing solutions with the central bank. She said the QCB is also evaluating more companies that want to operate in the regulatory sandbox.<\/p>\n<\/p>\n

Dukhan Bank\u2019s Digital Bank Plans<\/h2>\n

Meanwhile, Narayanan Srinivasan, the chief operations and digital officer at Dukhan Bank, is quoted in the same report revealing that his bank is weighing the possibility of launching a digital bank in Qatar. Srinivasan, however, cautions that his bank will only establish the digital bank when there is a better understanding of the economics behind this. He said:<\/p>\n

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We do not want to rush through this. We need to figure out the economics behind it. Unfortunately, there are not too many use cases, either in the form of success or failure, for us to quickly decide that this is something that we can do. We need to figure out how do we actually take this to the market.<\/p>\n<\/blockquote>\n

Besides mulling over the launch of a digital bank, Dukhan Bank is also exploring the blockchain, the report said.<\/p>\n

What are your thoughts on this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

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Qatar Central Bank is presently examining the possibility of issuing a digital currency as well as digital bank licensing, an official has said. The official adds this study will help the central bank get an understanding of what its area of focus should be. The Growing Significance of CBDC An official with the Qatar Central […]<\/p>\n","protected":false},"author":2,"featured_media":63034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-63033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63033"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/63034"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}