Qatar is "still in the foundation stage" of investigating a central bank digital currency (CBDC), central bank Governor Bandar Bin Mohammed Bin Saoud Al-Thani said Tuesday.
"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," he said at the Qatar Economic Forum. The Qatari riyal is pegged to the U.S. dollar.
"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," he said. "Those crypto assets which are not underlying by assets or monetary authority might be less credible."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.