More countries are showing interest in launching their central bank digital currencies (CBDCs). The Central Bank of Qatar recently announced it has completed the development stages of its CBDC infrastructure. Official reports state that Qatar's CBDC initiative aims to "keep pace with the rapid global developments in this field."

The project appears to be a wholesale CBDC, with the bank planning to test its implementation in October 2024 with both national and international banks. These tests will focus on large payment transactions in a trial environment.

Qatar's CBDC pilot will emphasize institutional adoption, aiming to provide increased access to capital markets for domestic banks, enhance domestic settlement, and improve the efficiency of securities transactions. This initiative is part of a broader national strategy to use new technologies like blockchain and artificial intelligence (AI) to boost Qatar's financial market liquidity, while also considering information security. The results from this trial phase will help identify the primary use cases for the CBDC to enhance Qatar's financial system.

Previously, the Central Bank had expressed interest in digital banks and CBDCs. In 2022, Alanood Abdullah Al Muftah, head of the bank's fintech division, stated that the bank would study these technologies thoroughly before deciding on issuing a CBDC, ensuring all relevant factors were considered.