After the International Monetary Fund (IMF) has completed its technical assessment of the country’s markets, the Central Bank of Jordan is one step closer to taking the next step needed to launch a retail central bank digital currency. This action was necessary as a consequence of the conclusion of the investigation they commissioned (rCBDC) of the International Monetary Fund (IMF). To assist in the development of a CBDC feasibility study the previous year, the International Monetary Fund (IMF) sent a mission to the bank that lasted a combined total of three months and lasted the entire previous calendar year. During the course of the previous calendar year, this mission was accomplished. On February 23, the International Monetary Fund made the research available to the public.

An investigation into 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 analyzing their data, they came to the conclusion that the market was ” extremely bound.” According to the study’s findings, the nation has high smartphone penetration and there are two non-bank payment service providers (PSPs) that provide goods that are “generally accessible and appropriate.” Also, the country has a large number of people who own smartphones. In addition to this, a sizeable portion of the nation’s population has a computer and Internet access.

Despite this, an rCBDC would broaden people’s access to financial services by making them available even if they don’t have phones. This would make it possible for more people to benefit from these services. Therefore, it will be feasible for a greater number of people to make use of these services. There are a few other ways, in addition to the ones already mentioned, in which an rCBDC can be of assistance to the national payment system. These include lowering the costs associated with transferring money internationally and making the infrastructure of an rCBDC accessible to payment service providers (PSPs).