Regulatory Alerts2021-01-25
Added · Updated
Central Bank of Jordan Circular Prohibiting Transactions in Bitcoin
The Central Bank of Jordan prohibits all supervised banks, financial companies, exchange companies, and payment card companies from dealing with Bitcoin in any form. This ban includes exchanging Bitcoin for other currencies, opening client accounts for such transactions, and sending or receiving remittances for Bitcoin. The prohibition applies to all entities under the Central Bank's supervision as of February 20, 2014.
Central Bank of Jordan
Reference: 2451/5/1/1 Date: 20 Rabi' al-Thani, 1435 Corresponding to: 20 February, 2014
Circular to Licensed Banks, Financial Companies, Exchange Companies, and Payment Card Companies
A phenomenon has recently become active globally involving the trading of a virtual currency called Bitcoin. This is a virtual currency that is not legal tender, as there is no commitment by any central bank or government in the world to exchange its value for currency issued by these governments, for globally traded goods, or for gold. Dealing in it involves high risks, including significant value volatility, risks of financial crimes and cyberattacks, and the risk of losing its value due to the absence of any guarantor or underlying assets.
In its commitment to the safety of the financial and banking system and the national economy, the Central Bank of Jordan prohibits all banks, financial companies, exchange companies, and payment card companies under its supervision from dealing with it in any form, exchanging it for any other currency, opening accounts for their clients to deal with it, or sending or receiving remittances for it or for the purpose of buying or selling it.
Please accept our highest regards,
Governor Dr. Ziad Fariz