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John Kiff

IMF high-level technical assistance report on Jordan's retail CBDC exploration - 0 views

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    A technical report on the Central Bank of Jordan's (CBJ's) retail central bank digital currency (CBDC) explorations briefly appeared on the IMF's web page.. It was taken down before I could download it, but AgenParl news service published the abstract: "The report analyzes the retail payments markets of Jordan to identify pain points that retail CBDC (rCBDC) could address. It finds that retail payment systems in Jordan are highly integrated, enabling customers to make interoperable transactions between banks and non-bank Payment Service Providers. The country's cross-border remittance market is competitive, but may benefit from the reduced transactions cost associated with rCBDC. Despite generally accessible and appropriate product offerings and an enabling environment, various barriers prevent customers from extensively using digital means of payment. Hence, rCBDC might create an opportunity to overcome these barriers, thus making a cross-border rCBDC worth consideration. However, the CBJ should rigorously evaluate benefits against risks and costs before forging ahead. Meanwhile, the CBJ should develop capacity to address technology, cybersecurity, financial integrity, and legal issues."
John Kiff

Central Bank Digital Currency: What Is A CBDC? - 0 views

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    "However, Adam Jordan, director of investments for Paul R. Ried Financial Group, says any American who uses a debit card can already have their payments tracked. "The concern about privacy is a real one, but only if a government went so far as to try to eliminate physical currencies," Jordan says. "The government already has the ability to track all our digital electronic payments.""
John Kiff

Central Bank of Jordan studying the launch of CBDC - 0 views

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    Governor of the Central Bank of Jordan reportedly confirmed that the bank is currently studying plans to issue a central bank digital currency (CBDC). These comments were made during a Lower House Economy and Investment Committee meeting on January 30, 2022.
John Kiff

Libra-Like Tokens Pose Risks to Swiss National Bank's Monetary Policy - 0 views

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    SNB's governing board chair Thomas Jordan: "if stablecoins pegged to foreign currencies were to establish themselves in Switzerland, the effectiveness of our monetary policy could be impaired."
John Kiff

CBDCs in the Middle East and Central Asia - 0 views

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    The IMF published a paper on central bank digital currency (CBDC) developments in the Middle East and Central Asia (ME&CA) region. A survey of IMF country teams representing 31 ME&CA countries found that 19 are considering issuing or exploring CBDC, most of which are at the research stage, although a few are at the proof-of-concept (POC) stage (Bahrain, Georgia, Saudi Arabia, United Arab Emirates). Kazakhstan is most advanced in its CBDC journey, having initiated two digital tenge pilots. The region's fragile and conflict-affected states and low-income countries (LICs) have expressed limited interest. The paper also includes three country case studies (Jordan, Kazakhstan, and Libya).
John Kiff

SNB Chair reflects on wholesale CBDC pilots. Retail too risky - 0 views

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    Swiss National Bank (SNB) Chair Thomas Jordan provided an update on the central bank's central bank digital currency (CBDC) experiments and thinking. Firstly, the SNB's position remains that there is no need for a Swiss retail CBDC because digital payment requirements are already satisfied, and there are possibly far-reaching consequences for the financial system. However, the SNB continues to advance its wholesale CBDC work aimed at settling tokenized securities on the SIX Digital Exchange (SIX) platform. He also called attention to the unusual approach of issuing the CBDC on a third-party (i.e., SDX) platform. However, as pointed out by Ledger Insights, SIX also operates the Swiss real-time gross settlement (RTGS) system, so a trust relationship already exists. However, the SNB is also evaluating other options for tokenized securities settlement, such as the RTGS "trigger" solutions being tested by the European Central Bank in its wholesale CBDC experiments. https://www.snb.ch/en/publications/communication/speeches/2024/ref_20240408_tjn
John Kiff

Jordanian government launches national blockchain network - 0 views

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    Jordan's Ministry of Digital Economy and Entrepreneurship (MODEE) launched a national blockchain technology network, MODEE DLT, to enhance trust and transparency in government services. MODEE DLT has been integrated with the "Sanad" system to provide a decentralized and verifiable digital record of all Sanad transactions. Sanad is a government portal through which residents can access their government digital documents and personal records, apply for government services, digitally sign documents, and make bill payments.
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