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Qatar at 'Foundation Stage' of CBDC Exploration, Central Bank Governor Says
The Gulf state central banker praised the "innovation" of crypto assets.
Updated May 11, 2023, 6:18 p.m. Published Jun 22, 2022, 11:07 a.m.
Qatar is "still in the foundation stage" of investigating a central bank digital currency (CBDC), central bank Governor Bandar Bin Mohammed Bin Saoud Al-Thani said Tuesday.
"We are evaluating the pros and cons of issuing the CBDC and to find the proper and the right technology and the platform to issue," he said at the Qatar Economic Forum. The Qatari riyal is pegged to the U.S. dollar.
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"Crypto assets are a technology innovation, and in my view it might take us to a new era of fast accessible payment and financial services," he said. "Those crypto assets which are not underlying by assets or monetary authority might be less credible."
A recent survey by the Bank for International Settlements found nine in 10 central banks were looking into a state-backed digital currency. Qatar's neighbor Dubai has also become a crypto hub, offering a home to companies such as Crypto.com and FTX.
Read more: CBDCs, Not Crypto, Will Be Cornerstone of Future Monetary System, BIS Says
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