IMF provides the Bank of Jordan with suggestions on the implementation of retail CBDC

It is reported that the International Monetary Fund (IMF) released a technical report on the launch of the retail central bank digital currency (rCBDC) in Jordan on February 23. It is reported that the International Monetary Fund conducted a three-month investigation last year. During its work from July to September 2022, the IMF gave a basically positive evaluation of the country’s existing retail payment market, saying that it was well integrated. The report points out that two non-bank payment service providers (PSPs) have “generally available and appropriate products”, and the penetration rate of smart phones in the country is high.

Interpretation of this information:

The International Monetary Fund (IMF) has released a technical report on the launch of the retail central bank digital currency (rCBDC) in Jordan. The report is based on a three-month investigation carried out by the IMF from July to September 2022. The report evaluates Jordan’s existing retail payment market and highlights the integration of the market. The report also points out that two non-bank payment service providers (PSPs) have good and appropriate products, and that the penetration rate of smart phones in the country is high.

The report suggests a positive outlook for Jordan’s potential launch of rCBDC, highlighting the country’s current strong retail payment market. By integrating rCBDC into the existing retail payment market, the benefits of blockchain technology and enhanced financial inclusiveness can be realized in Jordan. This report also signifies the increasing interest and importance of digital currencies in the global financial system.