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The Qatar Central Bank (QCB) has completed the development of the infrastructure for a central bank digital currency (CBDC) and initiated the first pilot testing phase, where the digital Qatari riyal will be evaluated in the context of significant cross-border transactions.
The Qatar Central Bank (QCB) announced the successful finalization of the infrastructure for the CBDC pilot initiative and is prepared to proceed with the testing of the digital government currency.
This pilot initiative will concentrate on utilizing CBDCs to enhance local banks’ access to international capital markets, improve domestic settlement processes, and boost the efficiency of securities transactions. Specifically, QCB intends to develop and assess various CBDC applications as part of the initial phase of the pilot test, which is scheduled to continue until October 2024. These applications will facilitate pilot payments of substantial amounts between local and international banking institutions.
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During the first phase, QCB will prioritize the exploration and testing of artificial intelligence (AI) and distributed ledger technology (DLT) to improve the liquidity of the local financial market and evaluate different security measures for the CBDC.
All pilot tests involving the Qatari CBDC will be conducted within the framework of the Express Sandbox, a regulatory FinTech sandbox, the launch of which was recently announced by QCB.
The central bank of Qatar began its examination of CBDCs in 2022. A definitive decision regarding the issuance of a digital state currency has not yet been reached, and the use of cryptocurrencies remains prohibited at the legislative level in the country.
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