BLOCKCHAIN AND CENTRAL BANK DIGITAL CURRENCY (CBDC): ESSAYS ON POTENTIAL APPLICATION IN QATAR

Abstract

This dissertation presents a collection of essays that delve into the promising applications of blockchain technology and Central Bank Digital Currencies (CBDCs) in Qatar, illuminating their potential impact on the financial system and the broader economic landscape. The first paper seeks to educate readers about blockchain technology and its recent advancements, including cryptocurrencies and CBDCs, while also examining the existing legal frameworks that govern their use worldwide. Additionally, it explores how blockchain can be applied within financial institutions, particularly in the context of Islamic finance, emphasizing the importance of Shari'ah compliance and the need to protect IoT networks through innovative solutions. In the second paper, we investigate the intersection of Fintech and CBDC with Islamic finance, showcasing how these elements can work together to foster a sustainable financial ecosystem within the Gulf Cooperation Council (GCC) countries. The third paper addresses key research questions, providing a comprehensive analysis of the nature of cryptocurrencies and the challenges they present to countries, which have prompted the exploration of issuing CBDCs. This study reveals critical issues related to privacy and financial stability, offering valuable insights for policymakers, central banks, and Islamic financial institutions. The fourth paper employs a mixed-methods approach to evaluate strategic perspectives for CBDC in Qatar, integrating both quantitative and qualitative research. By utilizing innovative quantum picture fuzzy rough sets alongside the golden cut ratio, we enhance the precision of the decision-making process. Insights gathered from interviews with high-ranking executives highlight essential factors such as price stability, financial inclusion, and technology readiness. Our findings suggest that introducing a token-based wholesale CBDC would be the most effective initial step for Qatar, followed by an account-based retail model once the financial sector has fully adapted. Lastly, the fifth paper conducts a bibliometric analysis of blockchain research across finance, economics, and social sciences, uncovering trends in publication and citation patterns while identifying influential authors and institutions in the field. Collectively, these essays contribute meaningful insights to the ongoing discourse surrounding blockchain and CBDCs, providing guidance for policymakers, financial institutions, and researchers alike. The findings underscore the necessity for thoughtful design and strategic implementation of digital currencies to enhance financial inclusion, stability, and innovation in Qatar's evolving financial landscape.

Date of Award	2025
Original language	American English
Awarding Institution	HBKU College of Islamic Studies