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Qatar tribune

Tribune News Network

Doha

In line with the Third Financial Sector Strategy, the FinTech Strategy, and Qatar Central Bank’s 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 asDLT may 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.

Qatar Central Bank affirms its ongoing endeavour to provide outstanding initiatives that help create a favourable environment for the financial technology sector in the country to grow as this guideline supports the financial sector development in line with Qatar’s 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 Bank’s official website.

Earlier, in line with Qatar’s efforts to enhance awareness of cybersecurity risks and its vision towards building a cyber-resilient society, Qatar Central Bank launched a large-scale national campaign to raise awareness of information security under the slogan “Stay Aware” in cooperation with the Ministry of Interior, National Cybersecurity Agency, and Qatar Financial Center Regulatory Authority.

The campaign aims to build an information security culture within the society that can face challenges that accompany the accelerating technological revolution.

Mainly, the campaign seeks to spread awareness amongst the public on the importance of data privacy and dangers of financial fraud, highlighting cyber threats that may arise in light of the rapid technological and digital development.

By identifying emerging and critical risks in the digital landscape, the campaign identifies the main channels of cyber fraud, which include phone calls, social media, emails, SMS messages and URL links. The campaign also provides the public with best practices and practical strategies to avoid falling victim to such threats.

Qatar Central Bank, along its partners in this campaign, emphasise the vital role of the ongoing awareness efforts in building a safer electronic society capable of responding to such threats.

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26/07/2024
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