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Qatar Central Bank Announces New Digital Currency Project

The Qatar Central Bank (“QCB”) has announced the completion of the infrastructure necessary to support its Central Bank Digital Currency Project (“DCP”). As part of the DCP, the QCB will test and develop selected applications to settle large payments with local and international banks in a trial environment designed according to the latest advanced technologies. The applications being tested are designed to increase access to capital markets for banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

The DCP reflects the QCB’s interest in keeping pace with the digital developments experienced by the financial and banking sectors regionally and globally, working to build a pioneering system that adopts emerging technologies and trends. The first experimental phase of the DCP will continue until October 2024. The results of the first phase will be evaluated, and future use cases will be identified after the pilot phase is completed. Such use cases could include retail uses or additional high-value settling use cases.