Qatar central bank carefully understanding the digital currencies and digital bank licensing. As the head of fintech at QBC stated. That in the upcoming time the central bank “will set a direction on its future focus” especially on various fintech verticals.
Yesterday while talking to the peninsula on the sidelines of the eighth Doha Islamic Finance Conference.
The Head of the Fintech section at QCB Alanood Abdullah Al Muftah stated that. In the upcoming time the central bank will set a direction on its future focus, specifically on various fintech verticals.
Further she said that the Qatar central bank (QCB ) will decide whether Qatar can form a central bank digital currency (CBDC).
Words By Alanood Abdullah-Al-Muftah:
“However, it’s still being studied whether we’re having a digital currency or not.”
Al- Muftah also said that the Qatar sandbox now has three financial technology companies that presently work in the payment sectors.
Also, testing their solution with the Qatar central bank (QCB). As well, she stated that QCB is focusing on the other firms that want to utilize the regulatory Sandbox.
What is a regulatory sandbox?
A place where financial technology companies are able to test new items, services, business models and delivery systems in the real world under a control ambiance, and regulator’s supervision.
Along with it, the chief operations and digital officer Narayanan Srinivasan informed the peninsula. That the private Qatari bank, Dukhan bank is figuring out the chances to develop its digital bank in Qatar.
He further added that. They will not rush after this initiative instantly. As their priority before taking any decision will be to understand the economics behind it. As well, for now the bank is currently exploring the blockchain technology in the payment department.
Final Thoughts:
Qatar central bank carefully understanding the digital currencies and digital bank licensing so they can clear about the digital currency and take important decisions easily.
Also as per officials in upcoming months everything will be clear regarding digital currency and digital bank licensing. And then the Qatari authorities will decided the new initiatives regarding digital currencies and digital banks.
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