“Crypto Assets Can Take Us to a New Era”: Qatar Central Bank Governor

Paigambar Mohan Raj
Source: Bitcoin.com

Crypto or blockchain technology is taking the world by storm, albeit the current situation of the cryptocurrency market is not at its best. Many nations worldwide have openly admitted to the benefits of blockchain and the revolutionary changes it can bring, and many countries are also working on their digital currency.

According to Qatar Central Bank (QCB) Governor Bandar Bin Mohammed Bin Saoud Al-Thani, the nation’s central bank digital currency (CBDC) is still in its early nascent stages.

Al-Thani spoke at the Qatar Economic Forum, where he stated,

“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.

Al Thani noted that the central bank is attempting to locate the best platform and technology to issue Qatar’s CBDC. Moreover, Qatar is no stranger to crypto assets.

Speaking in general about crypto technology, Al-Thani said,

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

The QCB Governor reaffirmed the central bank’s diverse portfolio, which gives it greater flexibility to deal with global crises, and stated during the interview that there would be no changes to Qatar’s monetary and exchange rate policies.

He stated,

“Our monetary and exchange rate policy is working well for our economy. Also, the IMF recently in their report highlighted that exchange rates for GCC remain stable. We are not going to see any changes to our exchange rates policy. Also, we are seeing an inflow of capital to Qatar Stock Exchange market. And this is an approval of the effectiveness of our policy”

According to a recent BIS poll, nine of ten central banks are considering a state-backed digital currency. Dubai, Qatar’s neighbor, has also developed into a crypto hotspot home to businesses like FTX and crypto.com.