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Jordan: Retail Central Bank Digital Currency Exploration
Author:
Natsuki Tsuda
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,
Ms. Marianne Bechara
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Stephanie Forte
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Kathleen Kao
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Shuji Kobayakawa
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Ashley Lannquist
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Frankosiligi Solomon
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Series:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2023: Issue 001
Language:
English
Publication Date:
23 Feb 2023
DOI:
https://doi.org/10.5089/9798400234521.029
ISBN:
9798400234521
ISSN:
2957-658X
Pages:
4
Keywords:
central bank digital currency CBDC distributed ledger technology noncash payments payment system central bank remittances mobile banking financial intermediaries
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This paper presents high-level summary technical assistance report on Jordan’s Retail Central Bank Digital Currency Exploration (rCBDC). Retail payment systems in Jordan are well integrated, enabling customers to make transactions between banks and PSPs through JoMoPay and CliQ. The cross-border remittance market is populated by many service providers. The mission explored three policy objectives that a potential rCBDC may help achieve, namely, financial inclusion, domestic payment improvement, and cross-border payment improvement. If the CBJ pursues further work on rCBDC, it should rigorously evaluate benefits against risks and costs. It should also consider the best non-CBDC solutions to address pain points and compare the merits, risks, and costs of rCBDC against those of alternatives. It is recommended to enhance capabilities to protect critical payment infrastructure, including establishing a 24/7 Securities Operations Center for the financial sector. Based on the decisions on the design and use cases, the Central Bank of Jordan should assess the existing legal framework to evaluate: the readiness for the issuance of an rCBDC; and the need for any required legal amendments.
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Cover High-Level Summary Technical Assistance Reports
High-Level Summary Technical Assistance Reports
ISSN:
2957-658X
Publisher:
International Monetary Fund