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Qatar at 'Foundation Stage' of CBDC Exploration, Central Bank Governor Says
The Gulf state central banker praised the "innovation" of crypto assets.
Qatar is "still in the foundation stage" of investigating a central bank digital currency (CBDC), 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.
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"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. "Those crypto assets which are not underlying by assets or monetary authority might be less credible."
A recent survey by the Bank for International Settlements found nine 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 Crypto.com and FTX.
Read more: CBDCs, Not Crypto, Will Be Cornerstone of Future Monetary System, BIS Says
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
