Blockchain

The IMF Releases a Report on Jordan Preparations for a Central Bank

After the International Monetary Fund (IMF) has finished its technical assessment on the country’s markets, the Central Bank of Jordan is one step closer to taking the next step that is necessary to launch a retail central bank digital currency. This action was necessitated as a consequence of the International Monetary Fund’s (IMF) conclusion of the research that they commissioned (rCBDC). In order to give assistance in the development of a CBDC feasibility study the previous year, the International Monetary Fund (IMF) sent a mission to the bank that lasted for a combined total of three months and lasted for the whole of the preceding calendar year. During the course of the preceding calendar year, this mission was carried out. On February 23rd, the research was made available to the public by the International Monetary Fund.

An investigation on the current condition of the retail payment sector in the country was carried out by the International Monetary Fund (IMF) during the months of July and September 2022. After looking at their data, they came to the conclusion that the market was “extremely linked.” According to the findings of the study, the nation has a high smartphone penetration, and there are two non-bank payment service providers (PSPs) that provide goods that are “generally accessible and appropriate.” Additionally, the country has a large number of people who own smartphones. In addition to this, a sizable portion of the population of the nation has a computer and access to the internet.

Despite this, a rCBDC would expand people’s access to financial services by making them available to them even if they do not have telephones. This would make it possible for more people to benefit from these services. Because of this, it will be feasible for a greater number of individuals to make use of these services. There are a few other ways, besides those already mentioned, in which a rCBDC may be of aid to the domestic payment system. These include decreasing the costs associated with transferring money internationally and making the infrastructure of a rCBDC accessible to payment service providers (PSPs).

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