Central Bank of Jordan unveils plans for CBDC

The Central Bank of Jordan (CBJ) has revealed that it is looking into issuing a digital currency. The Central Bank Digital Currency (CBDC) will be pegged to the Jordanian Dinar and have legal status.

The CBJ’s governor, Adel Al Sharkas, reportedly said his agency was looking into options for creating a legal digital currency. He also predicted that cryptocurrency trading could eventually be allowed in Jordan once the proper legislation is in place. He said:

“Regarding the plan to issue a Jordanian digital currency, research is underway to develop a legal digital currency related to the Jordanian dinar. It is possible in the future to allow cryptocurrency transactions after promulgation [the] laws and regulations. “

according to Report, Sharkas’ comments were made at a conference devoted to digital currencies. The comments follow a warning from Khair Abu Salik, chairman of the Economics and Investments Committee of Jordan’s House of Commons, about the dangers of cryptocurrency trading.

Officials reportedly discussed at the meeting the form of regulation needed to protect investors from such dangers. They also talked about launching a licensed cryptocurrency exchange platform.

The CBJ governor has reportedly argued that Jordan has banned cryptocurrency trading to protect investors from fraudulent crypto investment schemes. He mentioned that China and four other Arab countries have implemented similar bans.

Jordan has now joined a select club of countries that have started or are exploring CBDC development. according to According to the Atlantic Council, as of June 2019, 91 countries are currently developing their sovereign digital currencies, with only 14 countries entering the pilot phase. According to the data, nine countries have implemented CBDCs.

related: Iran will reportedly soon pilot a central bank digital currency

Switzerland and France A number of digital currency cross-border tests have been completed. China is currently leading the way CBDC development, but many European and Asian countries are accelerating their development plans to keep up with it.