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The Central Bank of Qatar has formally rolled out the first phase of its Central Bank Digital Currency (CBDC) project. The initial step focuses on the infrastructure setup aimed at enhancing large payment settlements among major local and international banks. 
This phase will extensively utilize distributed ledger technology to improve liquidity and facilitate transactions involving securities. 
Strategic Integration 
With the <a href="https://www.qna.org.qa/en/News-Area/News/2024-06/02/0017-qatar-central-bank-announces-launch-of-digital-currency-project" target="_blank" rel="noreferrer noopener nofollow">project</a> running until October, the QCB emphasizes the integration of advanced technologies, such as artificial intelligence, to refine and streamline the process. The CBDC initiative began with groundwork studies in March 2022 and transitioned into an active project by June of the same year.&nbsp; 
During the recent Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohamed bin Saoud al-Thani highlighted the project’s foundational phase, where the evaluation of potential benefits and challenges is paramount. 
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 Qatar Central Bank has launched its Digital Currency Project (CBDC) to settle large payments with local and international banks. This initiative, following a comprehensive study, aims to enhance liquidity, increase access to capital markets, and improve securities transactions.… <a href="https://t.co/3eDEOKrMQr" target="_blank">pic.twitter.com/3eDEOKrMQr</a>— DA Sails (@da_sails) <a href="https://twitter.com/da_sails/status/1797688178239000657?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 3, 2024</a>
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Technological Adoption 
This development aligns Qatar with its neighbours in the Arabian Peninsula, who are also making strides in digital currency and blockchain technologies. Notably, the United Arab Emirates has been a proactive member of the mBridge project alongside global partners like China, Hong and Thailand, engaging in remittance and wholesale transactions. 
In conjunction with the CBDC launch, the Qatar Central Bank <a href="https://twitter.com/QCBQATAR/status/1796065513518313948" target="_blank" rel="noreferrer noopener nofollow">introduced</a> a new fintech sandbox called the Express Sandbox. This platform allows for rapid testing and evaluation, offering a streamlined process for innovations in financial technology. 
Qatar’s CBDC project represents a significant step in its fintech evolution, establishing a model for future digital finance initiatives in the region. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/24/u-s-house-passes-bill-to-block-public-cbdc-amid-privacy-concerns/" target="_blank" rel="noreferrer noopener">U. S. House Passes Bill to Block Public CBDC Amid Privacy Concerns</a> 
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Qatar Central Bank Initiates Phase One of CBDC Project

The Crypto Times

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