On Sunday the Qatar Central Bank announced it has completed the development of its central bank digital currency (CBDC) infrastructure and plans to commence testing in October. Trials will target high value payments, particularly for the settlement of securities transactions, implying this is likely a wholesale CBDC solution. Both local and international banks will participate in the testing.
Qatar’s CBDC project uses artificial intelligence, distributed ledger technology (DLT) and other emerging technologies.
Compared to other Arab nations, Qatar’s banking sector is more internationally diversified with around 30% of deposits from foreigners, according to the IMF. However, the banking sector is heavily concentrated with its largest bank, the Qatar National Bank, having a 56% market share of deposits.
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