Qatar central bank. The Peninsula
Qatar's central bank will consider the topic of virtual currencies and there may be an opportunity in the future to introduce them in Qatar, Central Bank Governor H E Sheikh Abdullah bin Saud al-Thani said on Tuesday.
Sheikh Abdullah made the remark as he delivered a speech on Qatar's plans to build a hub for financial technology.
Asked about his stance towards bitcoin, Sheikh Abdullah said the central bank would not focus on a single virtual currency, but would look at how to set best practice for such currencies.
The governor also said the central bank is developing a strategy to create a fintech hub for start-ups.
Sheikh Abdullah said that the growth of fintech could force banks to change their business models.
Already facing competition, disruption from fintech could mean increased challenges for Qatar's retail banking sector, he said.
Bitcoin tumbled 18 percent on Tuesday to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option drove fears grew of a wider regulatory crackdown.
Bitcoin's slide triggered a massive selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day, according to trade website Coinmarketcap, and the next-biggest, Ripple, plunging 33 percent.
