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Central Bank of Jordan plans to issue a CBDC

Adel Al Sharkas, the current governor of the Central Bank of Jordan (CBJ), has revealed that the institution is preparing the issuance of its own central bank digital currency (CBDC). The said CBDC will be linked with the country’s national currency, the Jordanian dinar and would have legal standing once it is successfully launched. 

He also announced that CBJ might allow cryptocurrency trading in the country once the legislative framework has been established. 

‘With regards to the plans to issue a Jordanian digital currency, a study is underway to develop a legal digital currency linked to the Jordanian dinar. It is possible in the future to allow cryptocurrency trading, after enacting the legislation and regulations,’ said Sharkas.

The governor’s remarks announcements were made at a meeting discussing digital assets. Shortly after Sharkas’ remarks, Head of Lower House economy and Investment Committee Khair Abu Sa’ilik stated the risks that come with crypto trading such as theft, fraud and volatility, as well as the attention that the issue merits.

The attendees discussed the regulatory measures that need to be implemented to protect investors from such risks. In addition, the meeting also focused on the possible plan to launch a regulated cryptocurrency trading platform.

However, despite these plans of accepting crypto trading and launching a digital currency, the CBJ governor has once again stated the reasons why Jordan banned crypto transactions in the first place. 

He noted that digital assets give way to financial crimes such as crypto schemes, leading them to prohibit financial entities, companies, commercial banks and payment systems from processing crypto transactions. 

Jordan has now officially joined the list of countries that have either started or are researching the launch of CBDCs. According to the Atlantic Council’s website, nine countries have fully launched their own digital currencies. The latest country to do so is Nigeria, the e-Naira, which is considered to be the first CBDC outside the Caribbean.

Meanwhile, China remains to be at the forefront of CBDC development across the world, already completing the beta-testing rounds of its digital yuan wallet.

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