Qatar Central Bank has launched a digital currency project to settle high-value payments with a group of local and international banks, according to a statement issued by the bank, reported by the Qatar News Agency today.
The launch of the digital currency comes after the bank has completed developing the project’s infrastructure, as a proactive step to keep pace with rapid global developments, according to the bank, which confirmed that after completing the comprehensive study of the project, it will experiment and develop selected applications for the digital currency to settle high-value payments with a group of local and international banks.
Many countries, especially China, have been testing the use of central bank-issued digital currencies as a way to make everything from bank transfers to consumer purchases cheaper and more efficient.
Access to capital markets
The project will focus on the applications of the digital currency of the Qatar Central Bank, to increase access to capital markets for banks operating in the country, enhance local settlement, and improve the efficiency of securities transactions.
The project, which will enter its first pilot phase extending until October 2024, aims to leverage artificial intelligence, decentralized ledger technology, and emerging technologies, and establish strong foundations to enhance liquidity by expanding participation in financial market facilities, while addressing aspects related to information security.
The launch of the digital currency project is an important milestone and a strategic step towards building a digital economy in the country, according to the bank.
