The Qatar Funding Authority (QIA) has made a distinction between blockchain know-how and digital currencies. Mansoor bin Ebrahim Al-Mahmoud, the CEO of the Qatari sovereign wealth fund, said that it is just fascinated by investing in blockchain know-how and never in digital currencies.
He made the comment whereas talking on the QIA’s financial diversification thesis throughout the Qatar Financial Discussion board occasion in Doha organized by Bloomberg.
“Our workforce within the know-how area are exploring alternatives within the blockchain. That is the area that we’re fascinated by, not the forex itself,” he stated throughout the interview.
The QIA is the fifteenth largest sovereign wealth fund globally, with over $300 billion in property underneath administration. Along with exploring funding alternatives within the blockchain area, Al-Mahmoud states that the QIA can also be seeking to broaden its portfolio with investments in Africa, Europe, and the automotive sector.
His assertion on blockchain know-how aligns with feedback made by the Qatar Central Financial institution (QCB) Governor, H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, throughout the identical occasion. Al-Thani famous that Qatar considers blockchain know-how to carry lots of potential to assist the nation implement its digital transformation.
The governor additionally slammed digital currencies as dangerous whereas disclosing that the central financial institution was on the foundational stage of exploring a central financial institution digital forex (CBDC).
Blockchain know-how funding race gaining steam within the Center-East
Qatar shouldn’t be the one Center-East nation eager on investing in blockchain know-how. Others, together with Oman and the United Arab Emirates (UAE), have additionally made important strides on this course.
Earlier this month, Oman’s sovereign wealth fund introduced an funding in Crusoe Vitality Techniques Inc., a U.S.-based block reward mining firm that makes use of stranded pure fuel to energy its operation.
A part of the deal is that the corporate will arrange store within the Sultanate. The operation will assist the nation scale back its contribution to fuel flaring.
Equally, the UAE has a number of initiatives focused at increasing the adoption of blockchain know-how in its governance consistent with its ambiguous purpose of placing 50% of its authorities operations on-chain.
The Emirate of Dubai has been quickly rising to develop into a digital property corporations hotbed for the reason that introduction of its licensing rules. Different Emirate states, together with Abu Dhabi, are additionally catching up with offering regulatory readability.
Watch: The BSV World Blockchain Conference panel, Blockchain in Center East & South Asia
