Jordan Retail Central Bank Digital Currency Exploration

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 rem...

Full description

Bibliographic Details
Main Author: Tsuda, Natsuki
Other Authors: Bechara, Marianne, Forte, Stephanie, Kao, Kathleen
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2023
Series:High-Level Summary Technical Assistance Reports
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
LEADER 02638nmm a2200397 u 4500
001 EB002154615
003 EBX01000000000000001292741
005 00000000000000.0
007 cr|||||||||||||||||||||
008 230404 ||| eng
020 |a 9798400234521 
100 1 |a Tsuda, Natsuki 
245 0 0 |a Jordan  |b Retail Central Bank Digital Currency Exploration  |c Natsuki Tsuda, Marianne Bechara, Stephanie Forte, Kathleen Kao, Shuji Kobayakawa, Ashley Lannquist, Frankosiligi Solomon 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2023 
300 |a 4 pages 
651 4 |a Jordan 
653 |a International Organizations 
653 |a Monetary economics 
653 |a International agencies 
653 |a International organization 
653 |a International institutions 
653 |a International Economics 
653 |a Monetary policy 
653 |a Monetary Policy 
653 |a Money and Monetary Policy 
653 |a International Agreements and Observance 
700 1 |a Bechara, Marianne 
700 1 |a Forte, Stephanie 
700 1 |a Kao, Kathleen 
041 0 7 |a eng  |2 ISO 639-2 
989 |b IMF  |a International Monetary Fund 
490 0 |a High-Level Summary Technical Assistance Reports 
028 5 0 |a 10.5089/9798400234521.029 
856 4 0 |u https://elibrary.imf.org/view/journals/029/2023/001/029.2023.issue-001-en.xml?cid=530066-com-dsp-marc  |x Verlag  |3 Volltext 
082 0 |a 330 
520 |a 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