Doha: In line with the Third Financial Sector Strategy, the FinTech Strategy, and Qatar Central Banks endeavor to regulate and develop the financial sector and enhance the FinTech ecosystem in the country, Qatar Central Bank has issued the "Distributed Ledger Technology (DLT) Guideline" aimed at regulating the use of DLT in the financial sector. By issuing this Guideline, Qatar Central Bank aims to establish an appropriate regulatory framework for financial institutions in the country in order to develop smart solutions as the Distributed Ledger Technology (DLT) provides the opportunity for financial institutions to develop their services in various ways. DLT provide a transparent and secure platform for recording transactions, enabling instant settlement and reducing the need for intermediaries. Its benefits include increased efficiency, lower costs, enhanced transparency, and improved security, ultimately streamlining processes and fostering greater trust in the financial sector. The Qatar Central Bank a ffirms its ongoing endeavor to provide outstanding initiatives that help create a favorable environment for the financial technology sector in the country to grow as this Guideline supports the financial sector development in line with Qatars Third National Development Strategy deemed to be the final stage towards achieving Qatar National Vision 2030, which aims to build a digital economy while stimulating the widespread adoption of technology and encouraging technological innovations in various areas, including the financial sector. The Guideline can be viewed on Qatar Central Banks official website. Source: Qatar News Agency
Related Posts
China’s Power Generation Up 2.8% in March
Power generation of China’s major electricity production enterprises went up 2.8% year on year in March 2024, official data showed.
Total power output of these firms reached 747.7 billion kilowatt-hours last month, according to the National Bureau of…
Traffic Department Sets Appropriate Times and Roads for Transporting Camping Caravans
Lt. Col. Jaber Mohamed Adeebeh, Assistant Director of Traffic Awareness Department at the Ministry of Interior, said that the Department has set the dates for the campers to transport caravans from the camping sites to their main storage places from 8 …
National Planning Council: Building Permit Issuance Rises in May by 68 Percent
Doha: According to the National Planning Council’s Statistics of Building Permits and Building Completion Certificates Issued during May 2024, the number of building permits stands at 782, constituting a 68 percent rise compared to the previous month,…