\n<\/p>\n
Ahmed al-Hindi, a young Jordanian, spends hours in the evening trading cryptocurrencies.\u00a0<\/p>\n
Hindi works in accounting and has been trading in cryptocurrencies since 2017. He aspires to make profit in a country where the unemployment rate among young people is 50 percent<\/a>, and the general rate is 24.8 percent<\/a>\u00a0per year, according to the World Bank and the Jordanian Department of Statistics respectively.<\/p>\n About\u00a0129,000 Jordanians<\/a>, mostly males, trade in cryptocurrencies, according to a January report by the TripleA<\/a> cryptocurrency payment company.\u00a0<\/p>\n Hindi explained, \u201cI am currently investing around $12,000. Sometimes I make $2,000 over a period of months, and other times, I don\u2019t make anything. Certain skills like proficiency in the English language, following the news and trading about 500 different currencies are needed.\u201d<\/p>\n However, the governor of Jordan\u2019s Central Bank, Adel al-Sharkas, reiterated during a meeting of the parliamentary Committee on Economy and Investment<\/a> on Jan. 30 that the Jordanian authorities continue to ban digital currencies.<\/p>\n \u201cThe ban was imposed <\/a>for several reasons, most notably protecting its dealers due to their lack of experience in this field, the currency\u2019s depreciation as a result of exchange rate fluctuations, the possible losses stemming from fraud, piracy, hacking and theft, and the absence of a legal framework that guarantees the right to appeal before judicial authorities, in addition to fear of laundering operations and financing terrorist organizations,\u201d Sharkas added.<\/p>\n \u201cInvesting in cryptocurrencies is futile,” said Mufleh Akl, the former head of the Association of Banks in Jordan, told Al-Monitor. “It is a game of gambling and despair of the lack of profitable investment opportunities. We must educate young people that some companies commit fraud through investments in these currencies.\u201d\u00a0<\/p>\n But the Jordanian authorities’ ban on trading in these currencies has not prevented people from finding ways to buy them. Jordanians who trade in cryptocurrencies resort to brokers abroad or traditional methods such as paying cash to the owner of the currency, which he transfers electronically to their accounts.<\/p>\n \u201cIn Jordanian law, there is nothing criminalizing dealing in cryptocurrencies, but the Central Bank\u2019s directives to banks<\/a> forbid them from dealing in these currencies,\u201d blockchain technology expert Moaz Khalifat explained to Al-Monitor.<\/p>\n Muhammad al-Srouji, a financial analyst focused on foreign exchange trading, told Al-Monitor that digital cryptocurrency is a strongly rising market. He said, \u201cI think that legislators in Jordan are observing with caution and anticipation, despite the apparent ban.\u201d<\/p>\n He called cryptocurrency \u201ca golden opportunity to enact laws and attract billions in investments to the country.\u00a0\u2026 The country has an excellent technological infrastructure that must be invested in.\u201d\u00a0<\/p>\n