{"id":556250,"date":"2023-02-25T00:40:00","date_gmt":"2023-02-24T21:40:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/imf-offers-jordans-central-bank-recommendations-for-implementing-retail-cbdc\/"},"modified":"2023-02-25T00:40:00","modified_gmt":"2023-02-24T21:40:00","slug":"imf-offers-jordans-central-bank-recommendations-for-implementing-retail-cbdc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/imf-offers-jordans-central-bank-recommendations-for-implementing-retail-cbdc\/","title":{"rendered":"# IMF offers Jordan\u2019s central bank recommendations for implementing retail CBDC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a290666169e1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a290666169e1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/imf-offers-jordans-central-bank-recommendations-for-implementing-retail-cbdc\/#%E2%80%9D_IMF_offers_Jordans_central_bank_recommendations_for_implementing_retail_CBDC_%E2%80%9C\" >&#8221; IMF offers Jordan\u2019s central bank recommendations for implementing retail CBDC &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_IMF_offers_Jordans_central_bank_recommendations_for_implementing_retail_CBDC_%E2%80%9C\"><\/span>&#8221; IMF offers Jordan\u2019s central bank recommendations for implementing retail CBDC &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvYmQwMWJkNDktMjQ2Ny00ZDdhLWFhMWItNzdiY2U0NzJlNjE1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country\u2019s markets. The IMF conducted a three-month mission last year to assist the bank with preparations for a CBDC feasibility report. The IMF <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Publications\/high-level-summary-technical-assistance-reports\/Issues\/2023\/02\/23\/Jordan-Retail-Central-Bank-Digital-Currency-Exploration-530066\">released<\/a> its report on Feb. 23.<\/p>\n<p>Working between July and September 2022, the IMF gave the country\u2019s existing retail payment market a largely positive review, calling it well integrated. Two non-bank payment service providers (PSPs) have \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly accessible and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate product\u201d and the country has high smartphone penetration, the report noted.  <\/p>\n<p>Nonetheless, an rCBDC would enhance financial inclusion by providing services to residents without smartphones. An rCBDC could also improve the domestic payment system by making its infrastructure available to PSPs and lowering the cost of cross-border transfers. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Jordan IMF technical assistance on retail Cross Border Digital Currency (rCBDC): &#8220;a cross-border rCBDC could add value, particularly if the authorities coordinate with other countries in the region.&#8221;  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/zlTeY8waB9\">https:\/\/t.co\/zlTeY8waB9<\/a><\/p>\n<p>\u2014 Kevin Carey (@Kevin_Carey_WB) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Kevin_Carey_WB\/status\/1628509449563275279?ref_src=twsrc%5Etfw\">February 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The IMF warned to avoid disinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion in the Jordanian financial system, as it could contribute to instability in times of stress. The Jordanian financial sector has good information security governance and management practices, the IMF found, but an rCBDC could increase cybersecurity risks as an attractive target. \u201cSound legal underpinnings for an rCBDC should also be created,\u201d the report said. It concluded:<\/p>\n<blockquote><p>\u201cRCBDC may offer some benefits, but it does not necessarily address pain points. On the other hand, a cross-border rCBDC could add value, particularly if the authorities coordinate with other countries in the region.\u201d<\/p><\/blockquote>\n<p>Low financial literacy and a persistent cash culture are among the pain points an rCBDC would not address.<\/p>\n<p><strong><em>Related: IMF exec board endorses crypto policy framework, including no crypto as legal tender<\/em><\/strong><\/p>\n<p>The Jordanian central bank announced it was researching a CBDC in February 2022. Cryptocurrency trading is illegal in Jordan. A central bank proposal to introduce crypto trading <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/jordantimes.com\/news\/local\/house-economy-committee-warns-cryptocurrency-trading\">met<\/a> with resistance in the parliament. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/imf-offers-jordan-s-central-bank-recommendations-for-implementing-retail-cbdc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; IMF offers Jordan\u2019s central bank recommendations for implementing retail CBDC &#8220; The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country\u2019s markets. The IMF conducted a three-month mission last year to assist&#8230;<\/p>\n","protected":false},"author":1,"featured_media":556251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/bd01bd49-2467-4d7a-aa1b-77bce472e615.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,70934,70470],"class_list":["post-556250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-regulation","tag-retail"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=556250"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/556251"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=556250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=556250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=556250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}