Qatar Central Bank launches CBDC program

Qatar Central Bank (QCB) has launched the first phase of the Central Bank Digital Currency (CBDC) project, focusing on the settlement of large payments between large banks. The project, which will run until October, focuses on distributed ledger technology, artificial intelligence, liquidity and securities trading.QCB began researching CBDC technology in March 2022 and confirmed the launch of the project in June of the same year.QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said the central bank is evaluating the issuance of CBDCs Pros and Cons. A day before announcing the CBDC program, the QCB launched a new fintech sandbox to provide a rapid testing and evaluation process. The project is part of the National Development Strategy.