Qatar intends to issue digital bank licenses and investigate the possibility of establishing a CBDC

Qatar intends to enter the CBDC competition and issue digital bank licenses, according to the QCB's FinTech sector head.

Qatar intends to issue digital bank licenses and explore a CBDC
Qatar-Doha | Image: Optimisus

Qatar's central bank intends to digitalize the majority of its products, including researching, creating, and perhaps implementing a CBDC. The institution's other instructions include the issuance of digital bank licenses.

Alanood Abdullah Al Muftah, QCB's Head of FinTech, spoke to The Peninsula at the 8th Doha Islamic Finance Conference about the organization's new and digitalized direction.

Alanood Abdullah Al Muftah says,

“We’re trying to study the different aspects and verticals of fintech. We’re trying to set our direction. Each central bank should study digital banks, considering their growing significance in the global market.”

The executive also stated that, like many other central banks, the bank intends to go down the central bank digital currency path.

Al Muftah, on the other hand, believes the QCB is still a long way from being ready to market such a product.

Currently, the bank is doing study to see if and how a CBDC could affect the local monetary scene.

During the same conference, Dukhan Bank's COO and Digital Officer, Narayanan Srinivasan, stated that his bank plans to open a digital bank in Qatar. They also intend to use blockchain technology for certain payment services.