Qatar Central Bank announced the completion of development of the infrastructure for the Central Bank Digital Currency Project

The Central Bank Digital Currency Project (CBDC) has completed the creation of its infrastructure, as stated by the Qatar Central Bank (QCB) on Sunday. This programme will work as a proactive measure to stay up with the swift advancements occurring around the world in this subject.

 Qatar Central Bank affirms that it will move forward with testing and developing specific applications for the CBDC to settle large payments with a group of local and international banks in a trial environment built in accordance with the most recent advanced technologies, following the successful completion of the extensive study carried out in this field.

 The project will concentrate on the uses of the CBDC to boost domestic settlement, strengthen operational banks' access to capital markets, and boost the effectiveness of securities transactions.

 This project, which will begin its first experimental phase in October 2024, intends to accomplish a number of main goals, such as utilising distributed ledger technology (DLT), artificial intelligence (AI), and emerging technologies; additionally, it seeks to build a solid foundation for improving liquidity through increased participation in financial market facilities while taking information security into account during project implementation.