{"id":21308,"date":"2022-03-18T19:28:20","date_gmt":"2022-03-18T18:28:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=21308"},"modified":"2022-03-18T19:28:26","modified_gmt":"2022-03-18T18:28:26","slug":"qatar-is-reportedly-looking-to-explore-digital-bank-currencies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/qatar-is-reportedly-looking-to-explore-digital-bank-currencies\/","title":{"rendered":"Qatar is reportedly looking to explore digital bank currencies"},"content":{"rendered":"\n
According to reports, the Qatar Central Bank (QCB)<\/a> is looking into introducing a digital currency and also issuing digital bank licenses. The bank is expected to set a direction for the upcoming project soon.<\/h5>\n\n\n\n
\"Qatar<\/figure><\/div>\n\n\n\n

According to Alanood Abdullah Al Muftah, the chairman of the QCB's fintech branch, the central bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> will shortly determine a path for its future concentration on a variety of fintech verticals.<\/p>\n\n\n\n

QCB will also assess if Qatar may launch a central bank digital currency, according to Al Muftah (CBDC). She went on to say:<\/p>\n\n\n\n

“Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving toward having a digital currency. However, it's still being studied whether we're having a digital currency or not.”<\/p><\/blockquote>\n\n\n\n

Three payments firms are now testing solutions<\/a> with the central bank, according to Al Muftah, who was speaking about Qatar's regulatory sandbox.<\/p>\n\n\n\n

She also mentioned that the QCB is looking into other companies that might be interested in using the regulatory sandbox.<\/p>\n\n\n\n

The regulatory sandbox <\/h2>\n\n\n\n

A regulatory sandbox is a virtual environment in which fintech companies can test new goods, services, business models, and delivery mechanisms in a real-world context while receiving expedited approval and supervision.<\/p>\n\n\n\n

Meanwhile, Dukhan Bank, a private Qatari bank, is looking at the prospect of establishing a digital firm in the country<\/a>, according to Narayanan Srinivasan, the bank's chief operations and digital officer.<\/p>\n\n\n\n

Srinivasan, on the other hand, cautioned that his organization would only construct a digital bank after gaining a greater knowledge of its economics. Dukhan Bank is also examining blockchain technology in the payments area, according to the article.<\/p>\n\n\n\n

While private cryptocurrencies such as Bitcoin (BTC) have risen in popularity and followers, government-backed CBDCs,<\/a> which are often seen as the polar opposite of private cryptocurrencies, have been fast growing in popularity.<\/p>\n\n\n\n

According to data from the Atlantic Council, 87 countries are working on their own digital currency as of June 2019, with only 14 having completed the trial phase. A CBDC has previously been introduced in nine countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to reports, the Qatar Central Bank (QCB) is looking into introducing a digital currency and also issuing digital bank licenses. The bank is expected to set a direction for the upcoming project soon. According to Alanood Abdullah Al Muftah, the chairman of the QCB’s fintech branch, the central bank will shortly determine a path […]<\/p>\n","protected":false},"author":12,"featured_media":21311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[5507,7224,8205,8206],"class_list":["post-21308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-cbdc-2","tag-digital-currencies-2","tag-qatar","tag-qcb"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/03\/image-130.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=21308"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/21311"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=21308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=21308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=21308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}