Central Bank of Jordan plans to launch a CBDC

Central Bank of Jordan plans to launch a CBDC

CBJ Governor Adel Al Sharkas has reportedly claimed that his institution is looking into the possibility of launching a legitimate digital currency. He also anticipated that if the necessary law is in place, bitcoin trading might be legalized in Jordan. He stated, “

“With regards to the plans to issue a Jordanian digital currency, a study is underway to develop a legal digital currency linked to Jordanian dinar. It is possible in the future to allow cryptocurrency trading, after enacting [the] legislation and regulations.”

Sharkas’ remarks were made during a meeting dedicated to addressing digital currencies, according to the newspaper. Khair Abu Salik, the chairman of Jordan’s Lower House Economic and Investment Committee, had previously warned about the hazards of cryptocurrency trading.

Officials are said to have addressed the type of regulation that would be required to safeguard investors from such risks at the meeting. They also discussed the possibility of developing a regulated bitcoin trading platform.

Crypto trading is banned in Jordan

Jordan outlawed cryptocurrency trading, according to the governor of the Central Bank of Jordan, to safeguard investors from fraudulent crypto investment schemes. China and four other Arab countries, he said, had implemented similar bans.

Jordan has now joined a small group of countries that have either started or are considering developing CBDCs. According to data from the Atlantic Council, 91 countries are working on their own digital currency as of June 2019, with only 14 having reached the pilot stage. According to the data, nine countries have already adopted a CBDC.

Several cross-border digital currency tests have been done between Switzerland and France. China is now leading the CBDC development, but many European and Asian countries are accelerating their development plans to keep up.