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Qatar Central Bank in ‘foundation stage‘ of launching digital currency

June 22, 2022 Coin Telegraph

CBDC

The bank is exploring technological solutions and platforms for its own digital currency.

The 2.8-million nation of Qatar is going to join a growing range of countries, experimenting with the central bank digital currency (CBDC) concept. The Qatar Central Bank (QCB) is currently “in the foundation stage” of issuing its digital currency.

On June 21, during the “Inflation Test” session at the Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani revealed that the bank is working to find technological solutions for its CBDC. Right now the project is in its early stage, Al Thani specified:

“Many central banks are now considering to issue CBDC, and we are not an exception to 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.”

“Currently, crypto are a technology innovation. It might take us to new era of fast, cheap, and more accessible financial services. However, those crypto assets which are not underlined by monetary authority might be less credible,” he added.

First reports about the QCB exploring the possibility of CBDCs surfaced in March 2022. Back then, the head of the fintech section at QCB, Alanood Abdullah Al Muftah, disclosed that the bank is researching the concept due to the global trend.

At the moment, more than 100 countries globally have expressed their interest and/or started to research and develop CBDCs. Qatar’s main competitor in the Gulf region, the United Arab Emirates, launched its CBDC track as a part of its 2023–2026 tech strategy back in 2021.

In the same year, it announced a joint project of cross-border CBDC payments with the central banks of Thailand, Hong Kong and China, as well as the Bank of International Settlements.

Algorand becomes first US blockchain sponsor of FIFA World Cup

May 3, 2022 Coin Telegraph

2022 world cup

The proof-of-stake blockchain will assist FIFA in developing a “digital assets’ strategy” along with providing an official “wallet solution”.

Blockchain network Algorand (ALGO) has partnered with FIFA inking a sponsorship and technical partner deal as the network becomes the soccer association’s first official blockchain platform.

The deal announced on Monday, May 2 will also see Algorand become a regional supporter in North America and Europe for the 2022 FIFA World Cup to be held in Qatar in November and December.

BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022

Algorand will also be an official sponsor of the FIFA Women’s World Cup in Australia and New Zealand in 2023.

The proof-of-stake chain will assist FIFA in developing its “digital assets' strategy”, with the announcement explaining blockchain technology in the context of non-fungible tokens (NFTs). Therefore, it may be likely that Algorand could assist FIFA with developing its own NFT collection. Additionally, as part of the partnership, Algorand will be providing an “official blockchain-supported wallet solution.”

FIFA President Gianni Infantino expressed his delight at the partnership saying it was an “indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth” adding that he is looking forward to a “long and fruitful partnership with Algorand.”

Algorand is another crypto firm to sponsor the FIFA World Cup as cryptocurrency exchange Crypto.com became the official crypto trading platform sponsor for the 2022 World Cup in March. It is an interesting move since crypto is banned in Qatar, but reasonable when considering the huge numbers of international spectators.

The competition held every four years last took place in Russia and was one of the world's most viewed sporting events, with the 2018 World Cup watched by over 3.2 billion people — around half of the world’s population aged over four. Around 1.1 billion people alone tuned in live for the 90-minute final between France and Croatia.

Algorand is the first new United States-based sponsor of the World Cup since 2011. The past decade has seen the association in hot water with U.S. federal prosecutors on charges of bribery, money laundering, and corruption, with recent indictments in April 2020 for bribes in connection to the selection of World Cup host countries, including Qatar.

Over the last 24 hours, the price of Algorand’s native token has jumped by nearly 20% to $0.72 from a 24-hour low of $0.58 on account of the announcement.

Crypto.com Chosen as an Official FIFA World Cup Sponsor

March 23, 2022 Bitcoin.com

Crypto.com becomes official sponsor of 2022 FIFA World Cup in Qatar

March 22, 2022 Coin Telegraph

Business

Though trading cryptocurrencies has been largely illegal in Qatar since 2018 , Crypto.com is likely to reach a more international crowd given the popularity of soccer on the world stage.

FIFA, an international governing body for many major soccer tournaments, has announced that cryptocurrency exchange Crypto.com will be an official sponsor of its next World Cup in Qatar.

In a Wednesday announcement, the association said Crypto.com’s branding will appear both inside and outside of stadiums for the FIFA World Cup Qatar 2022 scheduled to begin in November. The crypto exchange will provide opportunities for its users to attend matches and win official merchandise as part of the sponsorship.

According to FIFA chief commercial officer Kay Madati, the deal will help grow the games “on a global scale,” citing Crypto.com’s partnerships with other entities around the world. In November, the exchange inked a deal to rename the Los Angeles-based sports and entertainment venue Staples Center to the Crypto.com Arena for 20 years. Crypto.com has also partnered with the Australia Football League in a $25 million deal, signed a $100-million sponsorship agreement with Formula 1 and inked a 10-year $175 million sponsorship agreement with the Ultimate Fighting Championship.

Though trading cryptocurrencies including Bitcoin (BTC) has been largely illegal in Qatar since the country’s central bank announced a ban in 2018 — and reaffirmed in January 2020 by the Qatar Financial Centre Regulatory Authority — Crypto.com is likely to reach a more international crowd given the popularity of soccer on the world stage. FIFA reported that more than 3.5 billion people watched the 2018 FIFA World Cup in Russia, with more than a billion watching the final between France and Croatia.

With less than eight months until the World Cup begins, the event has been shadowed by allegations of corruption and bribery going back to the bidding process for Qatar 2022. In April 2020, the United States Department of Justice indicted three individuals connected to “the payment and receipt of bribes and kickbacks” for FIFA’s selection of countries to host the World Cup, including in Russia in 2018 and the upcoming tournament in Qatar. In addition, the international non-governmental organization Human Rights Watch has alleged abuse and slavelike conditions for workers hired to build the infrastructure for the event.

Of course #FIFA wants to develop football in #Qatar - it's an endless stream of revenue right into their pockets, never mind #corruption, human rights abuses, and everything else. https://t.co/OEMXjkxjxC
— Irina Tsukerman (@irinatsukerman_) March 22, 2022

Qatar exploring digital banks and central bank digital currencies

March 18, 2022 Coin Telegraph

CBDC

The central bank is expected to set a direction for its future focus soon, particularly on various fintech verticals.

The Qatar Central Bank (QCB) is reportedly investigating the possibility of launching a digital currency and issuing digital bank licenses.

According to the head of the fintech section at QCB, Alanood Abdullah Al Muftah, the central bank is expected to set a direction for its future focus soon on a range of fintech verticals.

Al Muftah noted that QCB will also determine whether Qatar can establish a central bank digital currency (CBDC). She explained:

"Each central bank should study digital banks, considering their growing significance in the global market. We also see the direction of the market moving towards having a digital currency. However, it's still being studied whether we're having a digital currency or not."

While commenting on Qatar's regulatory sandbox, Al Muftah said that three firms in the payments sector are currently testing solutions with the central bank. She also stated that the QCB is considering other firms interested in utilizing the regulatory sandbox.

A regulatory sandbox is a space in which fintech firms can test new products, services, business models, and delivery mechanisms in a real-world setting while benefiting from an accelerated authorization process and supervisory monitoring.

Private Qatari bank Dukhan Bank, meanwhile, is examining the possibility of creating a digital bank in Qatar, its chief operations and digital officer Narayanan Srinivasan told The Peninsula. However, Srinivasan warned that his institution would only build a digital bank after a better understanding of its economics. As per the report, Dukhan Bank is also considering blockchain technology in the payments sector.

Although private virtual currencies like Bitcoin (BTC) have grown in popularity and followers, government-backed CBDCs, frequently regarded as an antithesis to private cryptocurrencies, have been accelerating rapidly. According to data from the Atlantic Council, as of June 2019, 87 nations are currently developing their own digital currency, with only 14 having completed the pilot phase. Nine countries have already implemented a CBDC. .

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