- Central Bank of Qatar completes development stages for its CBDC infrastructure, aligning with global trends.
- CBDC pilot to commence in October 2024, focusing on institutional adoption and improving capital market access for banks.
The Central Bank of Qatar (QCB) has announced the completion of development for its central bank digital currency (CBDC) infrastructure.
This significant milestone marks a crucial step in Qatar’s journey toward adopting digital currencies within its financial ecosystem.
The QCB plans to launch a pilot project in October 2024, focusing on large-value transactions and settlement of securities.
National and international banks will participate in the pilot to test the functionality and efficiency of the CBDC within a controlled environment.
The QCB views this initiative as a means to “keep pace with the rapid global developments” in the digital currency space.
This pilot project is part of a broader national strategy to leverage emerging technologies like blockchain and artificial intelligence (AI) to grow the country’s liquidity in financial capital markets, while also prioritizing information security.
