Challenges of adopting Cryptocurrencies and Blockchain Technology in Jordan's Banking Sector and Its Effect on Accounting

Abstract

The study aimed to demonstrate how cryptocurrencies and blockchain technology can enhance financial performance by examining and evaluating the features and importance of its application in the Jordanian banking sector and by clarifying the role of blockchain technology in reducing costs and achieving operational goals, and also describe the challenges of adopting Cryptocurrencies and Blockchain Technology in Jordan's Banking Sector depending on some Central bank of jordan study.

To address the study axis, the researcher used a deductive strategy based on questionnaire design after employing the (complete survey technique) to conduct a thorough survey of all Jordanian banks. The target groups, which included bank managers, deputy general managers, financial managers, heads of accounting divisions, and accounts staff, were given questionnaires by twenty-five different banks. The research came to an end Given blockchain's many benefits, the Jordanian banking sector recognizes the necessity of utilizing it for cryptocurrency accounting. Both costs and operational effectiveness are reduced by this technology.