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Ammon News - Head of the Lower House Economy and Investment Committee, Khair Abu Sa’ilik, warned of the dangers of cryptocurrency trading, adding "due" interest is paid yo this issue.

The lawmaker's remarks came while presiding over a committee meeting held Sunday, to discuss the Central Bank of Jordan (CBJ)’s plan to launch cryptocurrency trading.

Discussions also touched on the mechanism to identify concerned authorities to monitor trading, he said, adding that the committee seeks to protect citizens from any related risks and avoid being exposed to any blackmail or fraud, Abu Sa’ilik pointed out.

During the meeting, which was attended by CBJ Governor, Adel Sharkas, Abu Sa’ilik questioned the bank's tendency to issue a virtual digital currency, in addition to legalizing trading on "forex" investment platform.

In this regard, Abu Sa’ilik urged the various media outlets to intensify their campaigns to raise awareness of the risks of cryptocurrency trading.

For his part, Sharkas said many countries have banned cryptocurrency trading, such as Egypt, Kuwait, Morocco, China and Jordan, adding that the prohibition came for several reasons, foremost is dealer protection due to lack of related experience, currency’s loss of its value as a result of exchange rate fluctuations and the possibility of fraud, piracy, hacking and theft.

On plans to issue a digital currency, Sharkas said a study is underway to issue it, noting that this currency is "linked to the Jordanian dinar and is legal."

"It is possible in the future to allow cryptocurrency trading after enacting legislation and instructions that money laundering and funding of terrorist organizations are avoided," he pointed out.

CBJ issued many warnings since 2014 until now, on cryptocurrency trading dangers, he said, adding that "Forex" investment platform is not subject to the bank's supervision, but rather to oversight of Jordan Securities Commission (JSC).

Assuring Jordanians on monetary stability, he said CBJ's foreign currency reserves have reached $18 billion, which covers the Kingdom's purchases for 9 months, "higher compared to the world average."

In this regard, he said this stability means confidence in the Jordanian economy, pointing out that the Jordanian dinar exchange rate is "at its best."