IMF Makes CBDC Recommendations to Jordan Central Bank

The Central Bank of Jordan has moved even closer to its next step towards a retail central bank digital currency (rCBDC) with the completion of the IMF’s white paper on the country’s markets. The IMF carried out a three-month mission to assist the Central Bank of Jordan in the preparation of the CBDC feasibility report. After all these processes, the IMF published a comprehensive advisory report.

After a three-month mission, the International Monetary Fund (IMF) had a largely positive assessment of Jordan’s current retail payments market.

The IMF’s report on Jordan said that two non-bank payment service providers have “generally accessible and suitable product”. The IMF, which wants to assist the CBDC work of the Central Bank of Jordan, published a positive report after an in-depth research. The Central Bank of Jordan has moved even closer to the retail central bank digital currency (rCBDC) with IMF support.

In its advisory report to the Central Bank of Jordan, the IMF made recommendations to avoid intermediation in the Jordanian financial system. In addition, the IMF underlined that the Jordanian financial sector has good information security and management practices. In light of these positive characteristics, the IMF explained that an rCBDC could increase cybersecurity risks as an attractive target. “Sound legal basis for an rCBDC must also be established,” the IMF report in Jordan states. it was said.