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    Central Bank of Jordan discusses potential CBDC plans

    Central Bank of Jordan discusses potential CBDC plans

     

    The Central Bank of Jordan (CBJ) has recently announced it is researching to decide on the issuance of a digital currency, which would be linked to the Jordanian dinar besides having a legal standing.

     

    Governor of the CBJ, Adel Al Sharkas, has spoken to the media about the central financial institution’s study on the option of creating a legal digital currency. He has also predicted that crypto trading has the potentials of eventually being permitted in Jordan as soon as the appropriate legislative framework has been put in place.

     

    Sharkas’ made these comments during a meeting focused on discussing digital currencies. The comments were a follow up to Jordan’s Lower House Economic and Investment Committee Chairman, Khair Abu Salik’s warnings regarding the possible dangers in cryptocurrency trading.

     

    As per news sources, officials in the meeting have been reported to have discussed the form of regulation that requires to be tabled for the protection of investors from possible dangers. The officials also talked about the launch of a licensed cryptocurrency trading platform.

     

    The CBJ governor had also argued about Jordan banning cryptocurrency trading in order to protect investors from fraudulent crypto investment schemes. He referred to the Chinese and four other Arab governments as having imposed similar bans.

     

    With the latest announcement, Jordan has now joined the restricted club of countries that have either begun or are in the process of exploring CBDC development.

     

     According to data collated from the Atlantic Council, 91 nations had been currently working on their sovereign digital currency in June 2019, among which 14 had reached their pilot phase. As per the data, nine nations from the list have already implemented a CBDC.

     

    Switzerland and France have been reported to have completed numerous digital currency cross-border tests. China is presently at the forefront of CBDC development; however, gradually European and Asian countries are also accelerating their development plans for keeping up with the progress.

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