Central Bank of Jordan unveils its support to the financial technology (FinTech) sector and stresses on the Cryptocurrencies ban.
The Central Bank of Jordan believes in the necessity of keeping up with rapid developments in financial technology (FinTech) to serve the banking and financial sector in a manner that ensures safety, resiliency and stability. For this purpose, CBJ expresses its continuous support for entrepreneurship in the financial technology (FinTech) sector and would like to open dialogue channels to sustain a consultative approach in order to support youth and entrepreneurs.
In line with Central Bank’s aim to be a FinTech hub in the region, CBJ announced the establishment of a (Regulatory Sandbox) that allows pioneers and entrepreneurs in the financial technology realm to approach CBJ and apply for regulatory mentorship and support, and the availability to test FinTech solutions before going live to increase the chances of success in the market. The Regulatory Sandbox will be functioning by end of June 2018 .Furthermore, CBJ assures its continuous support for solutions that leverage on new innovations like Blockchain taking into consideration solutions that enhances financial access to digital financial services in a customer friendly, secured and efficient manner, having in place the highest cyber security measures in the financial sector.
In addition, CBJ stresses on its policy of banning cryptocurrencies in the Jordanian financial system due to high risks associated with dealing with them on financial institutions and the national economy. CBJ is observing closely developments in cryptocurrencies and is conducting in-depth research in collaboration with other central banks and international institutions.