Jordan Explores CBDC and Legalizes Digital Currency Trading in Future: Report

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Jordan has become the latest country to declare interest in developing a central bank digital currency (CBDC). The country’s central bank is said to have explored the feasibility of a digital dinar, even as the governor said the government could legalize digital currency trading if proper regulations and guidelines are put in place.

According to reports from local media agencies, Adel Al Sharkas, the Governor of the Central Bank of Jordan (CBJ), revealed the CBDC’s plans during a recent meeting where digital currencies were at the center of the agenda. talks. Unblock media reports that Al Sharkas announced that the CBJ wants to join countries like China and the Bahamas, both of which have made significant progress with CBDCs, the latter being the first country in the world to deploy a CBDC.

“Regarding plans to issue a Jordanian digital currency, a study is underway to develop a legal digital currency pegged to the Jordanian dinar,” the governor said.

The meeting was hosted by the lower house’s Economics and Investment Committee, with the main agenda being the future of digital currencies in the Middle Eastern country. In this regard, the governor said that the central bank has nothing special against Bitcoin. Instead, he focuses entirely on protecting Jordanian investors, and as such he can only support the legalization of digital currency trading if lawmakers enact laws that protect investors.

“It is possible in the future to allow cryptocurrency trading, after enacting [the] legislation and regulations,” he commented.

Government officials present at the meeting discussed regulations that would make digital currencies accessible to investors without stifling innovation in the industry. They also reportedly explored the possibility of having a national digital currency trading platform that would comply with all applicable financial regulations.

Jordan was among the first countries to ban digital currencies in 2014. According to the governor, this decision was taken mainly to protect investors. At the recent meeting, he defended the decision saying that countries like China, Morocco, Kuwait and Egypt have all taken similar steps for the benefit of their citizens.

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