The legal nature of cyberspace accordance to Jordanian legislation
- digital currency as a model-
Scientific, technical and technological development plays an essential role in all aspects of life, as its effects extend to the political, economic, social, cultural and legal fields, and one of the most important effects that result from technological development is electronic and electronic commerce, payment methods, electronic money, and remote contracts without contractors gathering in one place.
In light of the widespread of electronic payment methods in general and electronic money in particular. Economic, financial, technical, security and legal aspects, result in the emergence of many risks in interpersonal transactions that will negatively affect the life of society and the state alike, including the emergence of laundering crimes, fraud and forgery. At this point, the state became obligated to work on finding a new legislative system that is compatible with the latest transactions instead of the traditional provisions that cover only a small part of it.
The new reality imposed on the state to maintain the virtual digital currency that operates through cross-border cyberspace in the absence of legal legislation regulating it, despite the Jordanian legislator’s endeavour to reduce that gap between widespread electronic transactions on the one hand and the lack of legal oversight by the competent authorities, especially central banks. On the other hand, the Jordanian legislator developed a special law that addresses these problems, as it issued a law entitled “Cyber Security Law No. 16 of 2019”, which was implemented after its publication in the Official Gazette issued by the Jordanian Ministry of Finance. Although the Central Bank of Jordan has banned the use or promotion of virtual digital currency in Jordan and has imposed penalties on everyone who deals with it to maintain the stability of monetary transactions and allow customers to make electronic payments, purchases and sales via the electronic network freely and safely, and then reduce the volume of legal, financial and security problems resulting from it, especially the transactions that are used.