Regulatory Alerts2019-11-26
Added · Updated
Circular Prohibiting All Forms of Dealing with Cryptocurrencies Including Dagcoin
The Central Bank of Jordan prohibits all banks and financial companies under its supervision from engaging in any form of dealing with cryptocurrencies, specifically Dagcoin. The directive bans purchasing, selling, exchanging, trading futures, or investing in funds related to these currencies for the benefit of the institutions or their clients. This prohibition reiterates previous circulars issued in 2014 and 2018 and was effective as of November 26, 2019.
In the name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 1261 / 4 / 27 Date: 27 / 2 / 1441 AH Corresponding to: 26 / 11 / 2019 AD
Circular to all Banks operating in the Kingdom and Financial Companies subject to the supervision and oversight of the Central Bank of Jordan
Greetings,
It has been observed recently the phenomenon of promoting trading in a cryptocurrency called Dagcoin, in addition to the existence of a number of commercial establishments in the Kingdom that accept payment in this currency.
Accordingly, I reiterate what was stated in our circulars No. (1/5/2451) dated 20/2/2014 and No. (10/3/3777) dated 14/3/2018, regarding the prohibition of all forms of dealing with all types of cryptocurrencies, including the aforementioned currency, whether directly or indirectly, which includes purchasing, selling, exchanging, or dealing in futures (forward) contracts, or investing in investment funds or index funds specific to these currencies, whether for the benefit of banks, companies, or for the benefit of clients.
Please accept our highest respect,
The Governor Dr. Ziad Faris