The Peninsula Commends Qatar's Adoption of Latest Technological Innovations
23 June 2022

The Peninsula Commends Qatar's Adoption of Latest Technological Innovations

Doha, June 23 (QNA) - The Peninsula newspaper commended in its editorial on Thursday Qatar's quickness to embrace the latest technological innovations, especially the new developments in the fast-progressing information technology sector. The paper referred to HE Governor of Qatar Central Bank (QCB) Sheikh Bandar bin Mohammed bin Saoud Al-Thani's latest statement, that QCB is in the process exploring ways to issue a central bank digital currency (CBDC) as several countries across the world are considering launch of CBDC amid massive digital transformation in the financial sector. Speaking during a session at the Second Qatar Economic Forum, the Governor said: "Many central banks are now considering issuing CBDC, and we are not an exception of that. But we are still in foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper and the right technology and platform to issue our CBDC.", The Peninsula said. As the awareness about the digital transactions spread, the speed of people adopting this new form of payment is also fast gathering steam, the paper explained. Banks, governments, and institutions are in the thick of doing research on the economic and technical feasibility of introducing a new form of digital money and its impact on monetary and financial policy, the paper added. The Peninsula continued that Central bank digital currencies may be widely in use soon and they increase the safety and efficiency of both wholesale and retail payment systems. A CBDC facilitates quick settlement of retail payment, and it could improve efficiency of making payments at the point of sale or between two parties, the paper said. The Peninsula concluded by saying "Qatar will not lag behind in introducing a recognized digital currency as the country’s digital literacy is very high and equal to the advanced economies in the world if not above them. With the cutting-edge, most modern digital infrastructure already in place in Qatar, adoption of a digital currency can be quick." (QNA)