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Central Bank Governor: Qatar at ‘Foundation Stage’ of CBDC Exploration

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The mass adoption of digital assets has been one of the most important goals that the crypto industry has set. There are a lot of moves in the crypto space happening these days that will definitely support this claim.

Qatar and CBDC exploration

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The latest reports coming from the important online publication CoinDesk note that Qatar is “still in the foundation stage” of investigating a central bank digital currency (CBDC). This is what the central bank Governor Bandar Bin Mohammed Bin Saoud Al-Thani said Tuesday.

“We are evaluating the pros and cons of issuing the CBDC and to find the proper and the right technology and the platform to issue,” he said at the Qatar Economic Forum. The Qatari riyal is pegged to the U.S. dollar.
“Crypto assets are a technology innovation and in my view it might take us to a new era of fast accessible payment and financial services,” he said.

He continued and pointed out the following:

“Those crypto assets which are not underlying by assets or monetary authority might be less credible.”

The same online publication mentioned above revealed that a recent survey by the Bank for International Settlements found 9 in 10 central banks were looking into a state-backed digital currency.

Qatar’s neighbor Dubai has also become a crypto hub, offering a home to companies such as and FTX. We’ve already reported that accoridng to the latest reports regarding the mass adoption of crypto in the UAE, it’s been kist revealed that one of the United Arab Emirates (UAE)’s leading airlines, Emirates Airline, said it has plans to add “bitcoin as a payment service.”

According to the same official notes, the airline is planning to recruit personnel to create applications that monitor client needs.

Crypto Expat is another important publication that has been recently addressing the huge wave of Bitcoin and crypto adoption that is taking place in the UAE, especially Dubai these days.

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